The move has been made as part of a plan to immediately expand and scale its operation across the US. This news is the latest strategic milestone in INSHUR’s growth story, cementing the company’s position as the leading global embedded insurance platform serving the on-demand driver economy across the US, UK and the Netherlands.
The acquisition, says INSHUR, will boost its growth in 2023 by over 200% through the continued execution of its embedded partnerships and its acquisition of ABI. Established in 1983, ABI is one of the largest and most established producers of commercial transportation insurance in the USA, insuring over 50,000 vehicles across the United States.
The acquisition of ABI will also enable INSHUR to leverage its unique technology and deep partnerships to serve on-demand drivers and fleets in 50 states.
ABI’s long history in the commercial auto insurance industry and strong loss ratio performance, will also bolster its product portfolio and team to deliver exceptional service, safety and fair premiums for a growing class of drivers in the on-demand economy.
Driver and third-party protection is INSHUR’s speciallity, and the acquisition of ABI will enable it to further promote safe driving practices through its underwriting capabilities.
ABI acquisition will enable INSHUR greater access to claims data
According to reports, the acquisition of ABI gives INSHUR more access to claims data offering more effective product development for fleet managers and on-demand drivers. Additionally, INSHUR’s robust platform partnerships, its ability to embed its technology into a partner’s platform and its streamlined unit economics, will build a competitive edge for personalised policies that address the needs of on-demand drivers, while maintaining agility.
Claims handling and processing capabilities form the core of INSHUR’s business across the US and Europe. The investment secures INSHUR’s commitment to continue to build out this team and its complementary technologies so that it can provide comprehensive driver protection.
Speaking about the acquisition, Dan Bratshpis, CEO and Co-Founder at INSHUR, explained: “The on-demand driver economy is growing exponentially around the world, so the ability to provide access to competitive insurance policies that match drivers’ needs is becoming imperative to delivering the best user experience possible. Since 2016, INSHUR has been successfully insuring and protecting a professional class of drivers with our seamless integration of technology and underwriting expertise to match the experience of our partner platforms.
Bratshpis continued: “Now, with the acquisition of ABI, we’ll be able to bring our world class commercial insurance products to hard working drivers and fleet managers across the US, supporting them with policies that suit drivers’ lifestyles and working hours. ABI has a hard-won and excellent reputation for delivering the best products for America’s commercial auto industry, and now the addition of INSHUR’s technology, partnerships and underwriting expertise will help to create a true best-in-class offering. Together, INSHUR and ABI will enable a new generation of entrepreneurial drivers to make a good living for themselves and their families, while staying safe and protected.”
Dave Haley, CEO at American Business Insurance Services, commented: “For four decades, ABI has worked tirelessly to support the drivers that keep the American economy moving – from single owner-operators through to large fleet businesses. Our legacy is that we have always been at the forefront of technology innovations for drivers which has led to thousands of satisfied customers through the products and services we have provided over the years.”
He added: “Now, it’s the insurance industry’s turn to transform itself through new technology and practices, and we know INSHUR is the company to lead the way. INSHUR’s unrivalled technology and partnerships will revolutionise the way commercial auto insurance is underwritten, managed and delivered, and I am very excited to join forces with the entire INSHUR team on our journey together.”
