In this edition of our series on the Israeli Insurtech delegation heading to ITC Vegas in October 2024, we’re excited to showcase the forward-thinking companies transforming the insurance industry. This time, we turn our spotlight to Jungo Connectivity, exploring their journey, challenges, and groundbreaking technologies through detailed interviews.
Company Overview
Founded in 2013, Jungo Connectivity is a leader in in-cabin sensing solutions. Our flagship product, VuDrive, is an AI-powered driver monitoring system designed specifically for commercial fleets and insurance companies/brokerages. This camera-based solution uses cost-effective hardware and advanced AI to monitor driver behavior and prevent accidents. Jungo’s technology goes beyond VuDrive, offering additional solutions and continuously innovating to meet evolving customer needs in the driver monitoring and safety space.
As an industry leader, Jungo is dedicated to continuously improving its solutions to meet the evolving needs of its customers. We strive to provide our customers with innovative and reliable technology that utilizes state-of-the-art AI algorithms to analyze and predict potential hazards and prevent accidents before they occur. We believe that safety should be a top priority in every industry. Jungo is passionate about its mission to develop cutting-edge technology that saves lives and is committed to making roads safer.
Jungo is a publicly traded company on the Tel Aviv Stock Exchange (TASE).
Product and Innovation
VuDrive is a complete aftermarket AI accident prevention solution for fleets and insurance companies. This dual-camera system assesses driver behavior, identifies risk and alerts in cases of drowsiness, distraction, detecting seatbelt wearing and mobile phone usage. Its cloud platform offers fleet managers & insurers access to safety data, driver alerts, cabin & road video, as well as driver scoring for improved safety management, training, and risk prevention. In the event of a road accident,
VuDrive provides crucial exoneration data. VuDrive enhances road safety, minimizes downtime, cuts insurance costs, and safeguards lives.
Market and Problem-Solving
VuDrive addresses issues such as risk assessment and driver exoneration in the insurance industry by offering real-time, data-driven insights into driving behavior, identifying high-risk drivers, and enabling fairer premiums. Targeting both insurance companies and safe drivers, VuDrive partners with insurers to improve underwriting, lower insurance costs, and reduce risk through predictive analysis and driver coaching.With a focus on risk reduction, VuDrive offers a valuable solution for a constantly cost-conscious industry, paving the way for safer roads and a more efficient insurance landscape. VuDrive also provides data-driven insights, including detailed reports to identify individual driver performance and fleet risk areas, enabling targeted training and proactive risk mitigation.
Business Challenges and Solutions
One of the main challenges of implementing new fleet management technologies is providing key stakeholders both in the company as well as the insurer, with constant & actionable information to allow them to make an instant impact on the business’ road performance.
Some prefer to drill down into the data, identify risks and driving trends, but many others prefer to view a one-page report pinpointing the immediate actions that need to be taken in order to improve safety and fleet performance.
At Jungo, we believe that enabling a simple view of the data, while taking an active part in the continuous improvement of drivers’ performance is key to achieving the main objectives of VuDrive: assessing risk, reducing dangerous behavior, preventing accidents and ultimately keeping drivers and road-users safe. This is why we developed VuDrive’s “First Notice of Risk” and weekly email summary reports that point out the most urgent training actions.
Current Status and Future Plans
VuDrive is a market-ready product and is being used by many commercial fleets worldwide.
In the coming year we’re planning to launch several new features that will enable an even more robust assessment of risks, extended video pulling capabilities, and a wider range of vehicles that can be equipped with the system.
Goals for ITC Conference
ITC is one of the most important insurance events in America. With rising premium costs and negative loss-ratio, we believe that commercial fleet insurers are our ideal partners.
Addressing the customers’ insurance needs with a technological tool that provides insurers both with accurate risk-assessment, as well as control over the ongoing fleet performance, enables a wide range of commercial & operational possibilities.
Team and Culture
Meet our founding team: Ophir Herbst, our Founder, is a proven serial entrepreneur with a remarkable journey that began programming at the age of nine. Graduating cum laude from Technion, Israel, they have also achieved distinction as a World/European bridge champion. Alongside them isOpher Suhami, our CEO, who brings over 20 years of experience in the high-tech industry, including more than 15 years at Jungo. With a BSc in Computer Science and a passion for sailing as a skipper, Opher adds a wealth of expertise and leadership to our dynamic team.
At Jungo, our culture is focused on tackling the toughest problems and making a significant impact. We seek the industry’s top talent to join our mission. With a flexible hybrid work environment and a family-friendly atmosphere, we value hard work and reward our employees for their exceptional contributions.
Funding and Investment
We have not received any funding.
Industry Insights and Trends
In the last few years we’re witnessing more insurers that don’t only “sell insurance”, but also take an active role in mitigating risk.
New insurance technologies provide much more detailed information than given in the past, and allow insurers to “sub-segment” and identify opportunities that didn’t exist before.
We believe that partnerships between insurers and insurtech companies like ourselves will become increasingly important, in order to maintain profitable accounts and indeed change the role of insurers as consulting partners.
Unique Selling Proposition
– What is one thing you want potential customers or partners to remember about your company?
There are many tools that aim to prevent collisions and provide drivers’ risk assessment, but very few provide a holistic, multi-modal approach that actually connects the dots, identifies the root cause of accidents and creates a clear picture of the driver-behavior. This information is pivotal in mitigating risk, providing competitive pricing, and controlling loss-ratio.
