) — DigiSure, the first company to go beyond credit and driving history for mobility and shared economy businesses, today announces the launch of its embedded protection platform to offer instant, individualized micro-insurance policies for better, safer coverage. The company is also announcing $13.1M in funding led by Morado Ventures, with participation from Xplorer Capital, Valor Equity Partners, Clocktower Technology Ventures, True North Cos, and ex-Upwork CEO Fabio Rosati, to help grow its team and scale operations.
Millennials and Gen Z are increasingly turning to car rentals and alternative mobility options like rideshare, scooters and bicycles, fueling the need for a digital-first insurance solution that safeguards against the risks and complexities associated with new forms of mobility. DigiSureÂ’s Protection Suite applies machine learning and AI to effectively manage large amounts of data elements in real time, resulting in more nuanced risk assessment and better pricing. The outcome: tailored coverage options through one seamless protection platform where customers can easily file and manage a claim — in seconds.
“The growing popularity of non-owned vehicles is leaving renters, merchants and vehicle owners alike more vulnerable to fraud, which is why we’ve built a frictionless solution that upholds the highest trust and safety standards for all parties involved,” said Mike Shim, DigiSure co-founder and CEO. “We’re leading with data and customer-centric technology to enhance the safety and accessibility of peer-to-peer vehicle markets like RVs, motorcycles, and EV subscription services, which have seen skyrocketing demand as a result of the pandemic.”
The companyÂ’s proprietary risk assessment and underwriting engine — DigiSure Protection Suite — includes:
Identity Verification: Multiple data points are collected via DigiSureÂ’s Identity Verification Module (IVM) while providing a friendly user experience.
Data Validation: AI-powered identity verification utilizing biometrics technology, advanced fraud detection, credit checks, driving history and telematics data integration.
Risk Modeling: Data models are monitored, analyzed and proactively updated by DigiSureÂ’s data science team to mitigate potential risk.
Automated Approval: Automated approvals and manual reviews to manage edge cases and maintain confidence levels.
DigiSure is co-founded by three-time founder and ex-Yahoo! executive, Mike Shim (CEO), and the former VP of Innovation at Liberty Mutual and experienced insurance executive Paul Smith (COO). The DigiSure team is composed of experienced entrepreneurs and operators from companies including Yahoo!, Uber, Mastercard, and JPMorgan. Their combined backgrounds in marketplaces, insurance, and risk and financial services, is bringing technology-powered solutions to reimagine the future of insurance for marketplaces, starting with scaling mobility businessesÂ’ Trust & Safety operations.
“DigiSure is converging and simplifying insurance with trust and safety as its number one priority,“ said Ash Patel, Managing Director at Morado Ventures. ”The company’s seasoned team possesses deep operational expertise in marketplaces, insurance and data analytics, and we’re thrilled to support them as they build a category-defining business in the $4 trillion insurance industry.”
The company proudly serves innovative mobility and shared economy customers, including EagleRider, Envoy, Fetch, and more, with plans to expand into additional industry segments and markets in the future.
“The most important thing is making sure our community is safe, so when EagleRider searched for an insurance partner to launch EagleShare, our groundbreaking new sister company, the first global peer-to-peer motorcycle rental business, we quickly concluded that DigiSure was the perfect technology-forward provider prioritizing safety above all else” said Karsten Summers, EagleRider and EagleShare CEO.
Connect with DigiSure to deliver best-in-class, modern insurance experiences for your customers, and upgrade your Trust & Safety infrastructure here.
About DigiSure:
Founded in 2018 by a team of experienced entrepreneurs and operators from companies including Yahoo!, Uber, Mastercard, and JPMorgan, DigiSure is the first company to screen and underwrite simultaneously, enabling mobility and shared economy companies to offer personalized microinsurance policies and dramatically reduce losses. Through its proprietary Protection Suite and underwriting technology, DigiSure applies machine learning and AI technology to instant underwriting, fraud detection and credit scoring for dynamic pricing that provides transparency and reduces insurance costs. For more information, visit www.digisure.ai.