PreAct adds insurance partner to bring near field sensing to auto industry
Aioi Nissay Dowa Insurance Services USA and PreAct Technologies have announced a collaboration to commercialize new data insights resulting from the work of both companies. Using PreAct’s advanced near-field sensor technology, future cars will be able to better understand driving risks related to insurance when coupled with Aioi’s edge computing data science platform, MOTER.
PreAct’s near-field sensing technology and edge processing are slated to be fielded in several vehicle models as early as model year 2024. This technology enables advanced protection systems, such as airbags, to activate milliseconds before a collision increasing safety, a capability long sought in the auto industry given its potential to reduce traffic fatalities and injuries by up to 80%.
Last year, Aioi USA and PreAct explored using near-field sensor data toï better understand risk. “While work is ongoing, initial results indicate these data can significantly improve current analytics used by the insurance industry to evaluate driving and predict the likelihood of collision,” explains Paul Drysch, CEO of PreAct Technologies. “PreAct’s near-field sensing technology and algorithms, covered by multiple patents, lead to understanding how a driver behaves on the road in ways previously not possible. When combined with Aioi’s MOTER platform and advanced insurance analytics, it produces a very attractive solution for insurance companies to efficiently understand the risk they are covering and improve safety for their fleet and personal use customers.”
The automotive ecosystem is focused on building business models around the monetization of data produced by modern vehicles. According to Capgemini research, predictions of the global revenue for vehicle data by 2030 range between $80bn to $800bn. Key challenges to realizing this market are first identifying the data of most value to potential customers and then placing the sensors and edge processing onto vehicles that generate it. The insurance industry is one of the largest customers for connected car data, especially as it relates to risk and vehicle safety.
“Aioi USA has developed MOTER as a data analytics software solution designed to bridge the gap between the automotive and insurance ecosystems,” according to Craig Lozofsky, COO of Aioi Nissay Dowa Insurance Services USA. “MOTER, installed on the vehicle, materially reduces the costs of monetizing the vast trove of data produced by modern connected cars by performing the data science on the vehicle, removing the need to transmit, filter, process and store the raw data in the cloud. MOTER can deliver Aioi’s unique data science insights or be configured to run an insurance carrier’s propriety algorithms.”
Together PreAct and Aioi USA will offer their solution to OEMs, Tier 1 suppliers and insurers. Applications also include CASE fleets of Connected, Autonomous, Shared and Electric transportation solutions such as buses, trucks and autonomous mobility solutions like self-driving ridehail or last-mile delivery vehicles. The companies have also designed a dashcam-like option that can provide an aftermarket hardware solution for insurers, risk managers and fleet owners.
Automakers will be able to realize their vision of greatly improving driving safety, while also partnering with the insurance industry to profitably monetize near-field sensor and unique connected car data and insights. According to research by William Blair, insurance companies in the U.S. pay over $700 to acquire a new customer. We believe there is enormous potential for this joint effort to provide insurance companies access to new customers and the data they need to properly underwrite risk in today’s market.
Etisalat uses Netcracker to slice 5G airwaves
Article Topics
Aioi Nissay Dowa Insurance Services | automotive | edge AI | edge sensors | insurance | Preact Technologies
Comments