Jooycar, Chilean joy of car insurance
Jooycar, the Chilean-based startup, described as the leading connected car and Insurtech platform in Latin America has closed a $3 million investment of HCS Capital Partners, ready for its international expansion across Latin America and the US.
Based in Santiago de Chile, Jooycar was founded in 2014 by Emilio Figueroa and Maria Paz Gillet. In only three years, the company has grown to be the leading connected car platform in the region. Jooycar dedicates its services to insurance companies, to automotive actors and to fleet managers; for the latter Jooycar does not only address safety and insurance issues, but efficient fuel usage as well.
Via a device plugged into the cars and via mobile apps, equipped with telematics and machine learning, data can be collected and processed about both driver and vehicle, including real time vehicle information, but as well maintenance reporting, driver risk assessment, driving patterns, rout optimization and loss prevention among others.
Eventually, the small device turns the car into a smart car; connected to a mobile app, the device can tell you for instance when your car is up for a repair, or how you can improve your driving; in the long term, this kind of information allows insurance companies to provide better service. For example, by using machine learning and AI, Jooycar tries to predict the probability of someone having an accident based on their driving style.
Before and after the crash
Eventually, the data can be used to deliver enhanced end-user services (B2C) and to services of the insurance and automotive sector (B2B). Moreover, Jooycar does not only improve road and vehicle safety, but it helps after an accident with insurance claims as well. Jooycar automatically detects the event and starts the process of processing your claim.
Jooycar addresses a sensitive segment of the car industry in Latin America, where overall insurance rates are low. Via offering a usage-based insurance platform, the startup can attract customers who otherwise would not get insurance. Since November last year, Jooycar launched the first pay-per-mile insurance in Latin America.
In their three years of existence, Jooycar has seen 400% annual growth. By the end of the year, the startup will have processed about 400 million kilometres on their platform in Chile alone. The new funding round will facilitate Jooycar to expand its services over Latin and North America.