Auto insurance startup Noblr has received an undisclosed investment from Hudson Structured Capital Management.
Other contributions to the round, which’s value was not disclosed, came from White Mountains Capital and TPRE Reinsurance.
Alongside the close of the round, the company has launched its services in Colorado. Other state launches have been earmarked for later in the year.
The InsurTech startup aims to improve the safety of driving by rewarding consumers for their good driving behaviour with real-time competitive rates. Its service is available on both iOS and Android and could save drivers up to 51 per cent on their insurance premiums, Noblr claims.
Its behaviour-based pricing is calculated in real-time and uses a user’s smartphone sensors to measure how well and how often the person drives. Some of the factors taken into account include smooth driving, focus on the road, choice of roads, and the time of driving.
Noblr CEO and co-founder Gary Tolman said, “We’re excited to help build a community of responsible drivers in Colorado.
“We believe good drivers deserve fairer and more transparent car insurance rates, along with the tools they need to continuously improve their driving to earn lower premiums and create safer roads for all.”
Last year, Hudson Structured Capital took part in the $10m Series A round of fellow InsurTech startup Corvus. The company, which provides major insurers with novel data sources to inform underwriters and supply loss prevention recommendations. Capital from the round was used to explore additional insurance products.
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