Auto insurance based on how you drive, not who you are
USA, California
Market: Insurance, Transport, Financial services
Project stage: Operating business
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Idea or High Level Concept
Just is using machine learning to turn auto insurance around, dramatically lowering rates and making the roads safer.
Traction and Current Status
Currently in Arizona, planning to launch in Nevada this year, and already approaching EBITDA profitability although only active in a small sector of the market currently.
Problem or Opportunity
Just Insure solves the problem of unfair auto insurance pricing by using telematics to track driving behavior and offering pay-per-mile rates, ensuring that low-mileage and safe drivers pay less. This approach provides more accurate, real-time pricing and promotes transparency and fairness in the insurance industry.
Solution
Just insure is a per-mile, telematics priced auto insurer with a unique business model. We have built the US’s highest margin auto insurer by combining deep AI/ML experience and a revolutionary new way of delivering and pricing auto insurance. Excellent profitability and low churn of high margin customers means Just achieves LTVs of close to $1,000 from $200 CACs - and we see spreads rising to 6+x by year end 2024.
Business Model, Chanells, Metrics
Just Insure's business model offers pay-per-mile auto insurance using telematics to track driving behavior. Customers pay based on how much and how safely they drive, allowing for customized, usage-based pricing. The company operates online, streamlining quotes, sign-ups, and policy management to reduce costs and improve convenience.
