Avinew, an American insurtech firm specialising auto insurance for autonomous and semi-autonomous cars, has agreed to acquire Betterdrive for an undisclosed sum.
Betterdrive, also called Pear Technology, is a Sunnyvale, California based insurtech company.
The company has developed technology to predict the possibility of accidents based on the route, time of day, traffic and weather conditions.
Leveraging weather conditions and geo-located accident data, Betterdrive’s solution can forecast the “risk of route” calculation in near real-time and gives drivers with less risky route alternatives that reduce the risk of accidents.
As per the agreement, Betterdrive CEO and founder Ravindhran Sankar will assume the role of director of research and development at Avinew.
Once the deal is closed, Avinew will club Betterdrive’s technology into its own proprietary system for predictive risk calculations and related pricing discounts.
Sankar said: “The integration of this technology with Avinew’s autonomous tracker will provide customers with transparency and insight into the insurance prices they are paying, and why, for the first time. It will also help put Avinew in the unique position of being able to offer an insurance product that can actually make customers safer.”
Avinew founder and CEO Dan Peate said: “The benefits of today’s new auto tech combined with access to essential data support Avinew’s goal to provide car owners with solutions that provide more value, a better overall customer experience, and increased safety.”
Scheduled to go live in early 2020, Avinew’s insurance offerings will be based on autonomous-usage. Avinew uses machine learning and telematics to detect and measure when consumers engage their vehicle’s semi-autonomous or autonomous capability and then decide the premium discount the driver is eligible for.