AUSTIN, TX, February 25, 2022 (GLOBE NEWSWIRE) — Aioi Nissay Dowa Insurance and MS&AD Ventures, subsidiaries of MS&AD Insurance Group, today announced that advanced software development company, MOTER Technologieschose Socotra to power a new telematics-based commercial fleet insurance product.
Aioi Nissay Dowa Insurance is a pioneer in telematics technology with over one million policies underwritten for its a la carte personal auto insurance product in Japan. A subsidiary of Aioi Nissay Dowa Assurance and member of I’M SAD, 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 enabling global insurers and insurtech startups to quickly develop and distribute products with minimal effort and cost. With Socotra’s advanced rating and billing capabilities, insurers can quickly and easily integrate telematics data to create complex usage-based insurance products.
MOTER launches an insurtech general management agency (MGA) in the we and partnered with Socotra, a holding company of MS&AD companies, to create better and more convenient commercial fleet insurance products for medical fleets, last mile delivery and car sharing. These growing markets have higher risk than traditional commercial auto insurance, which is why current offerings are limited. By combining its expertise in insurance and data analytics, MOTER plans to improve pricing, accident prevention and claims handling. Socotra will enable MOTER to build an efficient and scalable infrastructure that centralizes end-to-end insurance operations for pricing, underwriting, policy administration, billing, reporting and claims.
“MOTER seeks to understand risk better than other insurance companies using the latest algorithms and optimal risk calculations,” said Craig Lozofsky, Director of Operations at MOTER. “To leverage the vast array of next-generation data, we are partnering with Socotra, which provides a highly efficient and scalable central 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 reinvent the mobility industry,” said Dan Woods, Founder and CEO of Socotra. “MOTER and its parent company, Aioi Nissay Dowa, demonstrate how telematics technology can benefit consumers. I am delighted that Socotra can propel MOTER’s usage-based insurance product and support the launch of its MGA business in the we”
About Aioi Nissay Dowa
Aioi Nissay Dowa Insurance Co., Ltd. conducts non-life insurance activities in Japan and abroad with the aim of becoming a unique and distinctive company where bright and energetic employees fully support customers. In addition, as a pioneer in telematic car insurance, we work to promote safe driving using 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 using 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 is focused on effectively using data from connected cars to understand driving risks and produce driving and safety insights. To learn more, visit moter.ai.
Socotra brings 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 experience. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box functionality to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.