InsurTech startup Kruzr raised$1.3 Million for its seed round that was led by Saama Capital and the participatory Better Capital. Kruzr was founded by Pallav Singh, Ayan and Jasmeet Singh Sethi. Kruzr informs us of the preventive motor technology that certainly helps insurance companies to personalise policy premiums and enhance their risk model through the delivery of an engaging preventative driving assistant to their customers.
To enhance and better the formation of technological skills, Artificial Intelligence happens to be the earliest initiative. Thereof, Kruzr combines the strength of technology and artificial intelligence in its personal driving asssstant that not only helps the drivers to minimise mobile distractions and drowsy driving but also, helps with speeding and external risks such as weather and accident-prone zones. Kruzr also now, has managed to shorten distracted driving by 80% for pilots with insurers. Kruzr happens to work with motor insurance companies from UK, Europe and India to account its technology to these countries’ customers for bringing down the number of accidents and enhancing the claims.
“Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies lose billions of dollars due to these. However, more than 75% of accidents are actually preventable with timely driver assistance. We at Kruzr are building technology to minimize these accidents and help make motor insurance truly preventive and customer-centric,” claimed Pallav, co-founder and CEO. The funds raised with this would be utilised for growing the technology team, scale the product, and expand the business in Europe and UK.
“We were very impressed by the founding team’s vision for Kruzr and their significant customer progress in the European automobile insurance market. We believe Pallav, Ayan and Jasmeet can build a world-class product company out of India serving this sizeable and growing global market,” marked Suresh Shanmugham, Managing Partner, Saama Capital.
Kruzr stands as the world’s first technology powered smart driving assistant that is designed to automate driver safety. While safety is the issue of the drivers, the app insures to detect the movements and starts to act the part to be a driver’s assistant for the safety measures. This in fact, works as a filter to important messages and calls while the driver is driving, thus, limiting the distraction of the driver that appears to be the major cause of road accidents world-wide.
“Kruzr is leveraging the latest advances in mobile, big data, and AI to build a unique preventive driving technology that will save lives and help motor insurance companies design personalized policies. I’ve watched the Kruzr team learn and iterate to build traction with the world top insurers & I am excited about the future ahead,” exclaimed Vaibhav Domkundwar of Better Capital.