VOOM is an insurtech company, creating dynamically-priced, usage-based for the Future of Mobility. We identify areas of mobility that are underserved by most insurers and roll out insurance solutions that rely on new sources of data and actual customer usage, resulting in fairer rates. As an ‘insurtech 2.0’ pioneer, VOOM is already the category leader for drones insurance in North America via SkyWatch. I am proud to say that we launched the world’s first Per-Mile insurance product for motorcycles, a new on-demand renters aviation Insurance and we are expanding to offer usage-based insurance solutions for leisure vehicles and gig drivers.
VOOM is a licensed insurance broker in all 50 US states and in Canada. Based in Tel Aviv, Israel and in Palo Alto, CA, VOOM raised a total of $22 million from leading VCs.
How did you come up with the idea for the company?
We are tech geeks turned insurtech nerds. Ori Blumenthal (Co-Founder & CTO) and I met while serving in Israel’s elite Air Force program, ‘Talpiot’. Throughout our service, we began bonding over emerging technologies in mobility.
Realizing the potential safety risks of devices such as drones, planes, e-scooters, motorcycles, and other platforms, we designed a platform to assess risks in real-time and advise operators on how best to operate safely. However, as they continuously pitched operators with our platform, one pain point kept arising: the need for insurance. The combination of our technology with an on-demand, usage-based insurance platform led to the birth of VOOM.
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What advice would you give to other aspiring entrepreneurs?
It may sound like a cliche but it is really all about the people. Gathering a group of rockstars that are experts in their fields, and building the right culture is the real key to the company’s success.
What can we hope to see from VOOM in the future?
VOOM will spearhead the InsureTech 2.0 revolution and will be the leading usage-based insurtech platform for the Future of Mobility. The first wave of insurtech startups improved the way insurance companies engaged with their customers. The second wave, that VOOM is a part of, is all about improving the risk model itself by introducing Usage-Based insurance models.
