(Image source: MOTER homepage.)
MOTER, a subsidiary of Alioi Nissay Dowa Insurance, an MS&AD Insurance Group (Tokyo) company, has selected Socotra (New York) Socotra to create better and more convenient commercial fleet insurance products for medical fleets, last-mile delivery, and carsharing, according to a vendor announcement.
MOTER—which stands for 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.
MOTER is launching an InsurTech 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 says it 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.
Highly Efficient, Scalable Platform
“MOTER seeks to understand risk better than other insurance companies by using the latest algorithms and optimal risk calculations,” comments Craig Lozofsky, COO, 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,” says Dan Woods, Founder and CEO, 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.”