Autonomous vehicle insurtech Koop gets backing from Hyundai

Autonomous vehicles could be ubiquitous in future – but insurers will need to keep up.
Autonomous vehicle insurtech Koop Technologies has received new backing from the ownership group behind major car makers Hyundai and Kia

Koop Technologies – a US-based insurtech that has built an underwriting platform for insuring autonomous vehicles – has received new backing from major car makers Hyundai and Kia.

The Pittsburgh-headquartered outfit sees self-driving cars and autonomous vehicles as the future of our roads, potentially altering the way we get around dramatically. But such vehicles, which are currently undergoing pilot studies worldwide, will eventually need to be backed with insurance policies.

Founded in 2020, Koop’s underwriting platform uses alternative data to perform risk evaluation for a wide range of robotics use cases, including autonomous vehicles. It is already licensed in more than 30 US states through its insurance subsidiary and has partnered with some of the country’s leading insurance carriers.

Now, following the backing of Hyundai and Kia, which are part of the same South Korean ownership group, it intends to work with the two car manufacturers to increase adoption of robotics-based products like autonomous vehicles.

It will be seen as a boost to both car brands, as the mainstreaming of autonomous technologies will inevitably make it harder to steal an edge in the autonomous landscape.

Integrating insurance gives car makers revenue uplift, Koop believes

Sergey Litvinenko thinks automotive OEMs will reinvent themselves as robotics OEMs.

Nonetheless, the scope for future growth is clear to see; the robotics sector has witnessed its growth rate nearly double over the past two years, Koop says, with projections suggesting a compound annual growth rate (CAGR) of 25% between 2023 and 2030.

“I’m convinced that next-generation automotive OEMs will reinvent themselves to become robotics OEMs, and Hyundai and Kia are clearly trailblazing in that direction,” explains Sergey Litvinenko, Co-Founder & CEO of Koop.

“This strategic investment will allow Koop to expand its engineering, product, and distribution capabilities and partner with Hyundai and Kia on building a whole new category of financial services for robotics, starting with insurance and risk management.

“OEMs that integrate insurance services into its value chain can see significant revenue expansion and higher customer satisfaction in the long run.”

 Dr. Yunseong Hwang, Vice President and Head of Open Innovation Execution Group at Hyundai Motor Group, continues: “The strategic investment in Koop reinforces Hyundai and Kia’s holistic approach to commercialising robotics, where financial services – including insurance and risk management – are central to reliable deployments.  We are happy to partner with Koop to bring new robotics products to market in the near future.”

******

For more insights from InsurTech Digital, you can see our latest edition of InsurTech Digital here, or you can follow us on LinkedIn and Twitter.

You may also be interested in our sister site, FinTech Magazine, which you can also follow on LinkedIn and Twitter.

******

BizClik is a global provider of B2B digital media platforms that provides executive communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare, and Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.

Share

Featured Articles

The Uncertain Future of Wefox: Mubadala’s Internal Dispute

Uncertainty is looming at once high flying European insurtech Wefox, with lead investor Mubadala considering deal with rival Ardonagh

IMG and Teladoc Expand Telehealth Services for Travellers

IMG and Teladoc Health expand partnership to enhance telehealth services for travellers, offering round-the-clock access to medical professionals worldwide

UHG CEO Witty Admits Hack hit Third of US Citizens' Data

US congressional hearing learns from UnitedHealth Group CEO Andrew Witty that Change Healthcare cyberattack compromised data of third of the US population

Allianz Announces Partnership With Clearspeed

Insurtech

Milliman Arius: Reserve Analysis with an End-to-End Solution

Insurtech

Allstate: BCG Partner Harnesses Gen AI to Transform CX

Technology & AI