Driveway Software

About Driveway Software

Driveway Software, established in 2013, operates in the telematics sector, providing a smartphone-based platform tailored for the usage-based insurance (UBI) market. The company was co-founded by Igor Katsman and Jake Diner. Positioned as a B2B solutions provider, Driveway Software serves automotive insurance carriers of all sizes by offering them a cost-effective and rapidly deployable telematics solution. The business model is centered on providing insurers with comprehensive driving data for enhanced pricing intelligence, aiming to improve their loss ratios and profitability. Revenue is generated by offering this end-to-end platform which leverages mobile and cloud technologies.

The company's core product is a telematics platform that functions through a smartphone application available for both iOS and Android. A key feature of the app is its ability to automatically detect trips without requiring any hardware installation in the vehicle, all while having a minimal impact on the phone's battery life. The platform collects extensive driving data, which amounted to over 500 million miles within its first six years, and uses cloud-based analytics to objectively score driver behavior. This allows insurance companies to more accurately segment and price risk based on individual driving profiles. For the end-user, the platform provides transparent pricing and actionable feedback, rewarding safer driving habits. In 2015, the company secured $10 million in a Series A funding round and had previously raised $1.3 million in a seed round in 2013. Driveway Software has also formed strategic partnerships, including one with Pinnacle Actuarial Resources in 2015 to deliver a coordinated UBI solution based on driver scoring, and another with Zurich Insurance Company in 2019 to power new mobility solutions.

In July 2021, Driveway Software was acquired by Earnix, a global provider of advanced rating, pricing, and product personalization solutions for insurance and banking. This acquisition was a strategic move for Earnix to integrate Driveway's AI-powered telematics capabilities into its offerings, enhancing its ability to support usage-based and behavior-based insurance products. The company is headquartered in San Mateo, California.