European insurer Aioi Nissay Dowa is launching MOTER as an InsurTech MGA in the US and partnering with Socotra to develop its telematics-driven, usage-based insurance product.
Aioi Nissay Dowa Insurance and MS&AD Ventures—subsidiaries of MS&AD Insurance Group— said the advanced software development company, MOTER Technologies, has chosen Socotra to power a new telematics-based commercial fleet insurance product.
Aioi Nissay Dowa Insurance describes itself as 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.
By combining expertise in insurance and data analysis, MOTER said it 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.
Craig Lozofsky, chief operating officer at MOTER, said, “MOTER seeks to understand risk better than other insurance companies by using the latest algorithms and optimal risk calculations.
“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 personalised and digital-first insurance products that better meet the needs of our customers.”
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