Insurance has finally met it's match: telematics.
Just
Insurance
Los Angeles, CA 1,431 followers
Auto Insurance Carrier & Mobile App Company - Leading Innovators of Pay-Per-Mile Telematics Car Insurance
About us
Just, is a revolutionary tech start-up, looking to disrupt the US auto insurance industry. Our vision is to dramatically improve road safety, while also making car insurance more fair and affordable to millions of people. At the core of our groundbreaking product is our app, which is super simple to use, built using the latest technology, and powered by our proprietary data algorithms. Customers love our product! We have a 4.4 rating on the Apple App Store and 4.2 on the Google Play store. Our investors believe strongly in this vision too. We raised just over $11m so far including, most recently, convertible loan notes. Both the amount and who our investors are matter. When comparing companies at the stage we're currently at, we've raised more capital than Netflix, Airbnb, Root Insurance, Monzo, and Revolut. Our investors include ManchesterStory - one of the largest US Insurance VCs, Crosscut Ventures - the leading LA-based VC, and Plug and Play - one of the world's largest Tech VCs and investor in many Silicon Valley brands that you know and love. We're gearing up for our Series-A funding round and explosive expansion later this year, and are looking to grow our exceptional team to support this.
- Website
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https://www.just.insure
External link for Just
- Industry
- Insurance
- Company size
- 11-50 employees
- Headquarters
- Los Angeles, CA
- Type
- Privately Held
- Founded
- 2019
- Specialties
- Insurance, Insurtech, Technology, and insuretech
Locations
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Primary
Get directions
12011 San Vicente Blvd
Suite 330
Los Angeles, CA 90049, US
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Get directions
1 Long Lane
London, England SE1 4PG, GB
Employees at Just
Updates
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The history of personal auto insurance start ups is littered with failure. Companies have raised money - sometimes at extraordinary valuations - grown rapidly, and then withered on the vine. Metromile sold to Lemonade for a fraction of its IPO price. Root has lost 98% of its value since going public. Motion Auto went out of business. Noblr sold itself for peanuts. Why? Well, it turns out that it’s easy to grow. All you need to do is to sell insurance for less than anyone else is selling it for, and customers will flock to you. If you sell $1 for 90 cents, then you’ll sell a lot of dollars. Growing profitably is harder. You need to price risk better than other companies. And - I strongly believe - you need to have a business model that gets rid of the worst risks from your book. Last quarter, Just Insure’s loss ratio was 54%. And this isn’t some bullshit adjusted number. This includes everything: IBNR, Loss Administrative Expense; you name it, we included it. And this isn’t some kind of flash in the pan either. Over the past year, Just has consistently achieved loss ratios dramatically better than incumbent auto insurers, grown its business at around 10% a month, cut CACs in half (driven by organic sales), and achieved a 4.5/5 rating in the App Store. This means that we are - despite our small size - within a year of breakeven. We don’t just do insurance differently, we do it better.
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