Kruzr which is an insurtech startup has now secured $1.3 Million for its seed funding led by the Saama Capital with the collaboration from the Better Capital. The funds will be going to be used to expand its technology team, scale up its products and for the expansion of business in the UK and Europe.
The startup which is founded by the Pallav Singh, Jasmeet Singh, Ayan Srivastava in the year 2016. Kruzr is a preventive motor insurance technology startup which provides the insurance companies with the policy premiums and to even improve their risk model by delivering an engaging preventive driving assistant to their users.
“Road accidents cause over 1.3 million deaths globally every year, and motor insurance companies lose billions of dollars due to these. However, more than 75% of accidents are actually preventable with timely driver assistance. Kruzr is building technology to minimize these accidents and help make motor insurance a preventive and customer-centric” says Suresh Shanmugham, Managing Partner, Saama Capital.
“Kruzr is leveraging the latest advances in mobile, big data, and AI to build a unique preventive driving technology that will save lives and help motor insurance companies design personalized policies”, said Vaibhav Domkundwar of Better Capital.
Kruzr mergers the power of latest artificial intelligence and voice technology in its personal driving assistant that also helps to minimize the distractions of mobile on drivers, speeding, drowsy driving, and external risks like the accident and weather prone zones.
At the time of pilot tests with the insurers, Kruzr also claimed that it has managed to cut down the driving distractions by 80%. The startup is now working with the insurance companies of the UK, Europe, and Indian to brings up its latest technology to their customers to prevent the accidents and to improve the claims system.