- Link deep vehicle data to the insurance industry for risk assessment and cost modeling
- Combine NXP’s new S32G2 high-performance automotive processor with MOTER’s insurance data science expertise and software
- Monetize vehicle data through new and improved auto insurance services
Eindhoven, The Netherlands, July 20, 2021 (GLOBE NEWSWIRE) – NXP Semiconductors NV (NASDAQ:NXP) And MOTER Technologies, Inc., an insurtech company focused on bridging the gap between the automotive and insurance ecosystems, announced a secure data exchange platform that links in-depth data of connected vehicles with the insurance industry to provide data for risk assessment Scientific solutions, cost modeling, etc. The platform combines NXP’s S32G2 vehicle network processor to provide a new type of vehicle edge computing that can access full vehicle data, as well as MOTER data analysis software to help fully monetize vehicle data to provide new and improved Car insurance service.
The penetration rate of new vehicle insurance policies driven by telematics data in some insurance companies has reached 30%*. As insurance companies develop new data-driven insurance products, the market is expected to grow by more than 27% per year. ** Access to a wider set of automotive data with more detailed and accurate insights to develop next-generation analysis tools for actuarial analysis, new mobile product development, and claims management.
Although connected vehicles can generate terabytes of data per hour, some of which can be used for complex underwriting and multiple business applications, automakers and insurance companies lack sufficient performance, security, and centralized availability, cost-effectiveness The data processing platform is hindered from accessing the entire vehicle data.
To meet this demand, NXP and MOTER have integrated their products…