Aioi Nissay Dowa Insurance Co., Ltd. (AD), Toyota Financial Services Corporation (TFS) and Toyota Motor Corporation (TMC) announced on April 13th that their respective U.S. subsidiaries have established a jointly owned telematics car insurance services company, Toyota Insurance Management Solutions USA, LLC (TIMS).
The aim of establishing the new company is to contribute―from the point of automobile insurance―to the achievement of their vision of a mobile society that is safe, secure and convenient. I'm quite sure that it will have a great impact both on the insurers and the automobile manufacturers. (*1)
Global Telematics (and telematics insurance) industry map, now consists of these three layers: (*2)
- Generate the data, and transmit
- Accumulates the data, analysis, and sell
- Use the data in a variety of applications
Accumulators on the cloud include data analytics vendors and public sector companies like the Credit Bureau. They are facing challenges in exchange services. Among many data users, there are the traditional insurance companies including car insurance, life insurance, and medical insurance, as well as the emerging InsurTech companies. (*3)
(*1) New Telematics Car Insurance Services Company to be Launched in U.S.
(*2) Insurers and the Internet of Things
(*3) Telematics and Japanese Insurer Business Strategies