MS&AD and Phoenix back mobility insurtech start-up Bambi
Tel Aviv, Israel-based Bambi Dynamic, a data-and-connectivity-driven platform for mobility insurance products, has secured new funding led by MS&AD Ventures, the venture capital arm of Japan's MS&AD Insurance Group, and existing investor Phoenix Insurance Company.
The company has raised $6 million in funding to expand its global offering, and launched its flexible, personalised insurance platform for insurers and mobility providers.
Bambi Insurance Platform (BIP) provides full-scale, end-to-end, white-label solutions for personalised mobility insurance products. The cloud-based software enables insurers and mobility service providers to offer their customers easy-to-use digital products covering existing and future mobility models, including personal and commercial vehicle insurance. With the flexibility to connect with multiple data providers and connectivity devices, Bambi provides personalised premiums based on individual user data, including driver safety scores, on-demand activation and deactivation, and time or distance driven - even with shared or multi-use vehicles.
Moshe Pinto, CEO and co-founder of Bambi Dynamic, said: “The digital revolution is sweeping industries across the board, and the insurance industry is no exception. We are honored to have secured funding from MS&AD Ventures and The Phoenix and to have partnered with The Phoenix to help catalyze the growing shift from legacy auto insurance to the next generation of customer-centric products for insurance and mobility companies.”
Jon Soberg, managing partner of MS&AD Ventures, added: “Bambi’s team of veteran entrepreneurs has really impressed us. We believe the Bambi Insurance Platform’s focus on the modern mobility environment is laying the groundwork to build a multitude of digitized, personalized and scalable products for P&C insurance.”
Ron Shvili, executive VP, chief technology, information systems and innovation officer at Phoenix, said: “Phoenix Insurance is the leading insurance company in Israel. We are constantly developing cutting-edge Insurtech technologies for the benefit of our clients and business environment. Bambi’s technology enables us to offer our customers game-changing personal and commercial auto insurance products, and provides us with a competitive advantage for meeting the complex technological and logistical needs insurers must adopt to address the ever-evolving mobility ecosystem. We are excited to offer ‘The Phoenix Drive’ as our first product in partnership with Bambi to help improve the experience of our customers with a personal auto insurance product that is user-friendly, personalised and cost-effective.”
