Ep 225 – VOOM Insurance Co-founder & CEO, Tomer Kashi
Jul 14, 2023
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Host Rob interviews Tomer Kashi, CEO and Co-founder of VOOM Insurance, discussing VOOM's journey in insuretech over the past six years, pay-per-mile and usage-based models, the data advantage VOOM possesses, and more.
Voom Insurance focuses on specialty mobility segments, offering tailored coverage for drones, motorcycles, and more, while leveraging data and usage-based models to provide personalized and cost-effective insurance options.
By targeting underserved niche segments and utilizing their technology and agility, Voom Insurance aims to stay ahead of market trends, identify areas where data can drive better underwriting, and bring innovative insurance products to the evolving mobility ecosystem.
Deep dives
Voom Insurance provides next-generation insurance products for specialty mobility segments
Voom Insurance is an insurance technology company that focuses on specialty mobility segments that are underserved by major carriers. They offer insurance solutions for drones, motorcycles, ATVs, UTVs, and more. Voom's unique value proposition lies in their expertise in technology and agility. They have developed a platform that allows for the creation of insurance products in a matter of months, enabling them to quickly adapt to the evolving mobility ecosystem. By leveraging data and usage-based insurance models, Voom aims to provide customers with more personalized and cost-effective insurance options.
The advantages of usage-based insurance and the importance of data
Voom Insurance's focus on usage-based insurance allows them to differentiate themselves from traditional insurers and provide more tailored coverage to their customers. They utilize data, specifically mileage data, to assess risk and offer price adjustments based on actual usage. By collecting odometer readings through a simple photo submission, Voom can accurately assess the risk associated with different usage patterns and offer customers fair and competitive premiums. The ability to gather and analyze data gives Voom a strategic advantage in the insurance space, enabling them to refine their products and provide better value to their customers.
The dynamic nature of the mobility industry and Voom's strategic approach
Voom recognizes the rapidly changing nature of the mobility industry and the various trends shaping its future. They focus on niche segments of the market that are underserved by larger carriers and utilize their technology and agility to create innovative insurance solutions. By targeting high-risk and episodic usage areas, Voom aims to meet the unique needs of these segments. They are constantly evaluating new opportunities and potential areas for expansion within the mobility ecosystem, such as e-bikes and e-scooters. Voom's strategic approach involves staying ahead of market trends, identifying areas where data can drive better underwriting, and leveraging their existing relationships with insurance carriers to bring innovative products to market.
Voom's commitment to building a sustainable and profitable business
Voom Insurance's focus extends beyond short-term success and funding rounds. They are committed to building a sustainable and profitable business for the long term. Voom's strategic approach and emphasis on good unit economics ensure that they deliver a meaningful value proposition to their customers while maintaining a healthy bottom line. They prioritize creating long-term partnerships with insurance carriers, brokers, and other stakeholders in the industry, establishing a solid foundation for continued growth and success. Voom's vision is to become a leading player in the evolving mobility insurance market, providing innovative and customer-centric solutions that meet the changing needs of the industry.
In the latest episode of FNO: InsureTech, host Rob talks with Tomer Kashi, Co-founder & CEO of VOOM Insurance.
VOOM is a pioneering insuretech company developing advanced insurance products for emerging mobility segments. They offer digital, on-demand insurance for a wide range of vehicles from drones and light planes to motorcycles, e-scooters, and contemporary fleets. Rob and Tomer delve into the journey of VOOM over the past six years in the insuretech space, their views on pay-per-mile and usage-based models, the data advantage that VOOM possesses, and much more.
If you enjoy listening to FNO: InsureTech and have suggestions for potential guests for the show, we'd love to hear from you. Reach out to us at almoss@alacritysolutions.com.
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