Israeli InsureTech company Bambi Dynamic, developer of a data-backed mobility insurance platform, announced its launch, and deployment of the platform for insurers and mobility providers, to incorporate Bambi’s flexible and customizable insurance-related products. In addition, the company closed a $6 million Series A round led by MS&AD Ventures, which is the VC for one of Japan’s largest insurance and financial service providers. Also getting in on the action was existing investor, The Pheonix Insurance Company Ltd., One of Israel’s biggest private insurance companies.
“Bambi’s team of veteran entrepreneurs has really impressed us,” said Jon Soberg, Managing Partner of MS&AD Ventures. “We believe the Bambi Insurance Platform’s focus on the modern mobility environment is laying the groundwork to build a multitude of digitized, personalized and scalable products for P&C insurance.”
Customizing mobility insurance
Back in the day insurance was a simpler game, most people owned a private vehicle, that was the standard. However, today, the mobility offering, especially when talking ride shares, easier access to car rentals, e-scooters, and others, is insane. This also falls in parallel to the ever-transforming digitization process we are experiencing. Combining both of these together brings changes in consumer behavior, and in how and where they consume. This requires a much needed forward-thinking approach, increasing financial impact, advances in renewable energy and vehicular technology, all while providing the consumers with an adaptable and customizable platform.
“The digital revolution is sweeping industries across the board, and the insurance industry is no exception,” said Moshe Pinto, CEO and Co-Founder of Bambi Dynamic. “We are honored to have secured funding from MS&AD Ventures and The Phoenix and to have partnered with The Phoenix to help catalyze the growing shift from legacy auto insurance to the next generation of customer-centric products for insurance and mobility companies.”
This is exactly where Bambi Insurance Platform comes into play, providing customizable full-scale, end-to-end solutions for the mobility insurance industry. Bambi’s cloud-based software enables insurers and mobility service providers to offer their customers easy-to-use digital products covering existing and future mobility models, including personal and commercial vehicle insurance. With the flexibility to connect with multiple data providers and connectivity devices, Bambi provides personalized premiums based on individual user data, including driver safety scores, on-demand activation and deactivation, and time or distance driven - even with shared or multi-use vehicles.
Bambi turned to The Pheonix when looking for a partner for their global launch, in order to help further advance its digital offering of mobility insurance solutions, as well as lending from their expertise on bolstering Bambi’s competitive edge and guidance through the dynamic mobility insurance market. As the first product under the partnership, ‘The Phoenix Drive’ -- a pay-as-you-go, private vehicle insurance solution -- was recently launched.
The Phoenix Drive provides personalized features specific to BIP capabilities, such as premium payments per distance driven; the ability to replace, add, or delete drivers on-demand each with adjusted premiums; tracking of driving information for the primary driver, as well as occasional drivers; premium rates adjusted to personal motorist characteristics; and at-a-click policy management, renewal or termination. The usage-based insurance (UBI) product, powered by BIP, includes a web/mobile on-boarding sales and underwriting portal for direct customers and insurance agents, back-office interfaces for the insurer, and a mobile app for consumers, among other components.
In addition, BIP provides a modular suite that covers the entire mobility insurance value chain, from underwriting, policy management and actuary handling to the first notice of loss in claims. It is built for customization and integration into the IT systems of insurance companies, and for embedded insurance into the apps of OEM and MaaS providers such as ride-sharing, ride-hailing, car-sharing, e-scooters, delivery, and more.
“Phoenix Insurance is the leading insurance company in Israel. We are constantly developing cutting-edge Insurtech technologies for the benefit of our clients and business environment. Bambi’s technology enables us to offer our customers game-changing personal and commercial auto insurance products, and provides us with a competitive advantage for meeting the complex technological and logistical needs insurers must adopt to address the ever-evolving mobility ecosystem,” said Ron Shvili, Executive VP, Chief Technology, Information systems and Innovation Officer at The Phoenix Insurance Company Ltd. “We are excited to offer ‘The Phoenix Drive’ as our first product in partnership with Bambi to help improve the experience of our customers with a personal auto insurance product that is user-friendly, personalized and cost-effective.”
Bambi was founded in 2017 by CEO Zion Madmon, a serial entrepreneur with more than 20 years experience in information and real-time technology, and Chairman Moshe Pinto, who has more than 20 years experience in business management. The company’s headquarters are based in Tel Aviv, housing a team fo 20 employees, which the company aims to expand throughout 2020.