Autonomous vehicle insurtech Koop gets backing from Hyundai
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
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.”
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