Aioi Nissay Dowa Insurance and MS&AD Ventures—subsidiaries of MS&AD Insurance Group—announced today that the advanced software development company, MOTER Technologies, has 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 U.S. 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 U.S.”