Nirvana Insurance – a provider of modern insurance for physical operations – recently announced a $57 million Series B funding round. Lightspeed Venture Partners reaffirmed its commitment to Nirvana by returning to lead the round, with additional participation from General Catalyst and Valor Equity Partners. This new funding round positions Nirvana to continue helping fleets utilize their IoT and sensor data to access insurance cost savings and customized risk management solutions.
Businesses in the trucking sector often operate on tight margins, and recent economic pressures like rising insurance rates are pushing many of these enterprises to the brink of closure. And by collecting data points from tech-enabled fleets, Nirvana can precisely tailor its rates to individual fleets and reduce insurance costs by up to 20%. Nirvana’s policies are usage-based, so customers only pay for how much they drive and their risk profile.
Customers experience many initial benefits with Nirvana, like receiving quotes in days instead of weeks and upfront savings of up to 20% for safe driving. However, the advantages do not stop there: Nirvana’s approach also improves fleet safety and expedites claims processing.
Drivers traditionally only interact with their insurance when they have a claim. And Nirvana’s Safety Platform features a dashboard with AI-powered monitoring tools – enabling proactive risk-reducing and cost-saving changes that optimize routing, improve driver coaching, and help avoid fines. Through the online portal and availability of data from telematics and dashboard cameras, Nirvana also decreases the time it takes to process claims, helping fleets prevent fraud and get back on the road more quickly.
The funding support from its Series B will allow Nirvana to make substantial new investments in its AI and IoT capabilities while continuing to build its customer service, underwriting, and product development teams. And Nirvana is aiming to bring its cost-saving, risk-tailored, and safety-enhancing solution to more fleets, even while opening the door to more insurtech innovation in other geographies and segments.
KEY QUOTES:
“Commercial fleets today produce a tremendous amount of data, yet most insurers still insist on a cookie-cutter approach to insurance that does nothing to incentivize safety. Nirvana is bringing insurance into the modern era, changing how the industry considers risk. Their incredible growth is a testament to the opportunities AI and data analytics are opening up in fleet insurance and beyond, especially given that the IoT fleet management market is expected to continue growing.”
— Raviraj Jain, Partner at Lightspeed Venture Partners
“In the past few years, most fleets saw their insurance rates rise even though they were doing everything right. We believe they deserve better. Nirvana is changing the paradigm by proving how a better customer experience—lower rates, faster turnarounds for quotes, and access to a full safety platform—is better for business, reflected in our market-leading loss ratio.”
— Rushil Goel, co-founder and CEO of Nirvana
“With telematics data, Nirvana is looking at the whole picture of my fleet’s performance. Are they hard-braking? Speeding? Changing lanes abruptly? Where other providers stay at arm’s length, Nirvana’s proactive safety recommendations ensure that our fleet is following local and federal safety regulations.”
— Joe Gramc, CEO of Five Star Trucking
