Allegory Insurance closes a pre-seed round

According to Crunchbase, Canadian tech company Allegory Insurance has raised an undisclosed pre-seed round earlier this month.

Allegory, which was founded in 2019, has moved out of public beta as of January, allowing users to freely track and improve their driving behavior once they’ve downloaded the Allegory app to obtain what the company refers to as The Allegory Insurance Score, which can be used by insurers to offer fairer pricing.

The Allegory Insurance Score consists of four components: (1) how one drives, (2) what he drives (e.g. smart car), (3) how much he drives, and (4) where he drives, although Allegory claims to never use zip or postal codes to determine driving risk, only data on some locations that have been shown to be prone to accidents.

According to the company, insurers and brokers can leverage the Allegory Insurance Score to augment existing policies or build new insurance products for their customers.