SiriusPoint & Nirvana Announce Partnership
Global specialty insurer and reinsurer SiriusPoint Ltd. and AI-powered insurance provider Nirvana Insurance announced a strategic partnership.
A spokesperson said, “SiriusPoint Ltd. [SiriusPoint or the Company] [NYSE: SPNT], a global specialty insurer and reinsurer, and Nirvana Insurance [Nirvana], an AI and Technology-powered insurance provider specializing in US commercial auto insurance, have today announced a new strategic partnership.
“Since launching in 2022, San Francisco-based Nirvana has changed how fleets with 10 or more power units buy insurance by leveraging telematics data to pass savings of up to 20% to fleets based on safety. Backed by SiriusPoint paper, Nirvana is expanding its offering with a new non-fleet program, designed for fleets with fewer than 10 power units.”
Patrick Charles, Head of North America Insurance at SiriusPoint, said, “We have been providing capacity to Nirvana since January 2022, so we were already familiar with its capabilities. During our working relationship, Nirvana has proven to be a high-quality underwriter of risk and demonstrated how the thoughtful use of telematics can better align driver behavior with underwriting risk. We believe Nirvana’s business model is promising and its offering ties into our purpose of providing security and resilience to those we work with.”
The spokesperson said, “By collecting billions of data points from sensors and internet-of-things [IoT] devices within trucks, Nirvana tailors its rates to individual fleets. Fleets also have access to Nirvana’s Safety Platform which aggregates safety data, along with artificial intelligence [AI]-powered safety insights to help them improve safety year-round.”
“Our fleet program launched in January 2022 and has unbelievable traction,” said Rushil Goel, Co-Founder and Chief Executive Officer of Nirvana. “Nirvana is changing the paradigm by proving how a better customer experience – lower rates, faster turnarounds for quotes, and access to a full safety platform – all of this results in a fundamentally stronger business, reflected in our market-leading loss ratio.
“The launch of our new non-fleet program is the next step in our evolution. We have a shared vision with SiriusPoint to be ‘best-in-class’ underwriters, and this partnership will enable us to lead the way in utilizing telematics to underwrite customers’ risk more accurately. The increased use of data and telematics are critical to the risk management of the auto sector and the evolution of its insurance coverage.”
