AUSTIN, Texas, Feb. 25, 2022 (GLOBE NEWSWIRE) — Aioi Nissay Dowa Insurance and MS&AD Ventures—subsidiaries of MS&AD Insurance Group—announced today that the advanced software development company, MOTER Technologieshas chosen Socotra to power a new telematics-based commercial fleet insurance product.
Aioi Nissay Dowa Insurance is a telematics technology pioneer with over one million policies written for its pay-how-you-drive personal auto insurance product in Japan. A subsidiary of Aioi Nissay Dowa Insurance and a member of MS&AD, MOTER (Mobility on the Edge in Real-Time) is a data analytics platform that can measure driver and vehicle performance down to the mile by leveraging edge computing and connected technologies. The company provides advanced insights to OEMs, fleet owners, and insurance companies to better manage risk, protect assets, and develop data-driven products and services.
Socotra is the first cloud-native core platform with open APIs empowering both global insurers and insurtech startups to rapidly develop and distribute products with minimal effort and costs. With Socotra’s advanced rating and billing capabilities, insurers can quickly and easily integrate telematics data to build complex usage-based insurance products.
MOTER is launching an insurtech managing general agency (MGA) in the US and has partnered with Socotra, a portfolio company of MS&AD Ventures, to create better and more convenient commercial fleet insurance products for medical fleets, last-mile delivery, and carsharing. These growing markets have higher risk compared to traditional commercial auto insurance, which is why current offerings are limited. By combining expertise in insurance and data analysis, MOTER plans to deliver better pricing, accident prevention, and claim handling. Socotra will enable MOTER to build an efficient and scalable infrastructure that centralizes end-to-end insurance operations for rating, underwriting, policy administration, billing, reporting, and claims.
“MOTER seeks to understand risk better than other insurance companies by using the latest algorithms and optimal risk calculations,” said Craig Lozofsky, Chief Operating Officer at MOTER. “To take advantage of the vast array of next-generation data, we’re partnering with Socotra, which delivers a highly efficient and scalable core platform that will enable MOTER to offer more personalized and digital-first insurance products that better meet the needs of our customers.”
“I applaud the ambitious team at MOTER for their mission to reimagine the mobility industry,” said Dan Woods, Founder and CEO of Socotra. “MOTER and their parent company, Aioi Nissay Dowa, are demonstrating how telematics technology can benefit consumers. I’m pleased that Socotra can power MOTER’s usage-based insurance product and support the launch of their MGA business in the US”
About Aioi Nissay Dowa
Aioi Nissay Dowa Insurance Co., Ltd. is engaged in non-life insurance business in Japan and overseas with the aim of becoming a unique and distinctive company where bright and energetic employees fully support customers. In addition, as a pioneer in telematics automobile insurance, we are working to promote safe driving by utilizing driving behavior data and visual data in the event of an accident. We aim to contribute to the realization of a safe and secure mobility society by utilizing the know-how cultivated in telematics technology in our data business to advance a future autonomous driving society. To learn more, visit aioinissaydowa.co.jp/english.
About MOTER Technologies
MOTER Technologies, Inc. is a software development and data science company based in Los Angeles, CA. The company’s focus is on efficiently using connected car data to understand driving risk and produce insights into driving and safety. To learn more, visit moter.ai.
Socotra is bringing transparency and accessibility to insurance technology. With Socotra’s modern core platform, global insurers and MGA insurtechs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.