Earnix, a software company focused on insurers and banks, has acquired the assets of Driveway Software Corp., a telematics provider that relies on artificial intelligence.
Financial terms were not disclosed.
Earnix, based in Israel and launched in 2001, provides advanced rating, pricing, and product personalization software and services for insurers and banks. The company said its acquisition of the assets of California-based Driveway Software, which debuted in 2013, includes a state-of-the-art consumer telematics app. Earnix said it will use the technology to help establish “a new and transformative offering in Usage-Based Insurance and Behavior-Based Insurance.”
Specifically, Earnix said it will use Driveway’s consumer telematics app as a core component within its own UBI/BBI offering.
Earnix bills its product is something that provides full embedded capabilities focused on areas including data accuracy, driving risk models and driver management, so carriers can anticipate and proactively address the needs of the changing market.
“As consumer expectations continue to evolve rapidly, insurers are under increasing pressure to provide offerings tailored to the needs of the market,” Earnix CEO Udi Ziv said in prepared remarks. “As a result, the demand for UBI and BBI is helping to drive the revolution for personalized and real-time offers in insurance, providing carriers with the opportunity to differentiate themselves and create lasting customer value through relevant and timely engagement. Our powerful new solution incorporates intelligent telematics with the operational capacity and advanced analytics necessary for insurers to deliver rates and offerings in complete and precise alignment with the needs of their customers, each time.”
Earnix has a corporate presence in the U.S., UK, Australia, France, Italy and Israel. The company raised a $75 million venture capital round earlier in 2021 from investors including Insight Partners, Jerusalem Venture Partners, Vintage Investment Partners, and Israel Growth Partners. This was Earnix’s first funding round since 2017, and it has raised more than $100 million to date. With the new financing, Earnix claims to have a valuation of $1 billion.