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Intact invests in self-driving startup

In Action Summary

Intact Financial has partnered with Voyage which is a self-driving car startup which runs its taxis in The Villages in Florida, one of the largest retirement communities in the US.The autonomous taxis are equipped with Lidar sensors that help the cars navigate the roads safely. The taxis drive around the privately-owned roads, picking up residents on demand.

Intact has invested $3mn in the start-up bringing Voyage’s total funding to $23mn. This is Intact Financial’s second investment in the next generation transportation after its earlier investment in Metromile, an auto insurance company.

As part of the partnership, each of Voyage’s driverless cars will send information it collects to Intact for interpretation

For Intact, the partnership enables it to offer adjustable insurance premiums – automatically lowering when driving in an empty parking lot, and readjusting on a busy street with pedestrians.

Karim Hirji, Senior Vice President of Intact Ventures has said for its new involvement in Voyage: “As a leading property and casualty insurer, we’ll support Voyage’s growth by leveraging our core competencies in data and product design, offering best-in-class insurance solutions that will protect consumers and make their lives easier and simpler.

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