NXP Semiconductors and MOTER Technologies Join Forces to Extend Connected Vehicle Insurance Opportunities
July 20 2021 - 3:02AM
NXP Semiconductors N.V. (NASDAQ: NXPI) and MOTER Technologies,
Inc., an insurtech company focused on bridging the gap between the
automotive and insurance ecosystems, have announced a secure data
exchange platform that links deep data from connected vehicles to
the insurance industry to power data science solutions for risk
assessment, cost modeling, and more. The platform combines NXP’s
S32G2 vehicle network processors, offering a new type of vehicle
edge compute with the ability to access vehicle-wide data, with
MOTER data analytics software to help fully monetize vehicle data
for new and improved automotive insurance services.
New vehicle insurance policies driven by telematics data, which
have reached penetration rates as much as 30% in some insurance
companies,* represent a market that is expected to grow over 27%
annually as insurance providers develop new data-driven insurance
products. ** Access to a broader automotive dataset, with more
detailed and accurate insights, can enable the development of
next-generation analytics tools for actuarial analysis, new
mobility product development and claims management.
While connected vehicles can generate terabytes of data per
hour, some of which can be leveraged for sophisticated underwriting
and multiple business applications, carmakers and insurance
companies are impeded from a lack of available, cost-effective data
processing platforms with sufficient performance, security and
centralized access to vehicle-wide data.
To meet this need, NXP and MOTER have integrated their offerings
into a platform that targets the needs of the automotive and
insurance industries. The MOTER platform offers advanced risk
algorithms that can be updated over-the-air and combined with an
insurance carrier’s or mobility company’s custom insurance
algorithms to create marketable driver insights. The MOTER platform
can be licensed for use with OEM vehicles to facilitate data
exchange with insurers and mobility companies who are willing to
subscribe and pay for driver insights to enable new vehicle
data-driven products, including, but not limited to, usage-based
insurance.
“Usage-based insurance is one of the data commercialization
opportunities with the most customer satisfaction and revenue
potential for the automotive industry today,” said Michael Fischer,
Chief Digital Officer of MOTER. “Together with NXP, MOTER is
providing the data bridge that will enable the automotive industry
to unlock the riches of data for mobility insurance, fleet health
and monitoring and infrastructure planning and optimization.”
NXP’s GoldBox reference design, based on one of the recently
launched S32G2 vehicle network processors, is a key enabler for new
vehicle data-driven opportunities such as advanced insurance,
vehicle health and fleet management services. It provides safe and
secure vehicle edge processing, support for Over-the-Air (OTA)
services, and connectivity to in-vehicle networks and the cloud
required for these next-generation automotive applications. S32G2
processors provide both high-performance real-time and applications
processing combined with vehicle network interfaces, network
acceleration and hardware security, along with expansion support
for machine learning (ML) acceleration, mass storage and wireless
connectivity to deliver a powerful service-oriented gateway.
“Vehicle data will power new automotive business opportunities
in the near future, similar to the apps proliferation and big data
insights provided by the smartphone over the past decade,” said
Brian Carlson, Global Marketing Director for Vehicle Control and
Networking Solutions at NXP. “The S32G2 processors offer a unique
combination of safe processing, networking, and security
technologies needed to make them a reality. Our collaboration with
MOTER demonstrates NXP’s solution-based approach that extends
beyond silicon to provide a foundation for new automotive industry
innovations and valued services.”
To find out more about the collaboration between MOTER and NXP
visit https://moter.ai/nxp-moter
* Source: Novarica - Oct' 20** Source: MarketsandMarkets – June
“21
About NXP SemiconductorsNXP
Semiconductors N.V. (NASDAQ: NXPI) enables secure connections
for a smarter world, advancing solutions that make lives easier,
better, and safer. As the world leader in secure connectivity
solutions for embedded applications, NXP is driving innovation in
the automotive, industrial & IoT, mobile, and communication
infrastructure markets. Built on more than 60 years of combined
experience and expertise, the company has approximately 29,000
employees in more than 30 countries and posted revenue
of $8.61 billion in 2020. Find out more
at www.nxp.com.
NXP and the NXP logo are trademarks of NXP B.V. All other
product or service names are the property of their respective
owners. All rights reserved. © 2021 NXP B.V.
About MOTER Technologies, Inc.
MOTER Technologies is a software and data science company
focused on bridging the gap between the automotive and insurance
ecosystems. The insurtech company continues research and
development begun within its parent organization, with a focus on
commercialization of connected car data and development of new
insurance products and services in collaboration with OEMs, Tier
1s, insurance companies and new mobility
fleets. http://www.moter.ai
For more information, please contact:
Americas & Europe |
|
Greater
China / Asia |
Jason Deal |
|
Ming Yue |
Tel: +44 7715228414 |
|
Tel: +86 21 2205 2690 |
Email: jason.deal@nxp.com |
|
Email: ming.yue@nxp.com |
NXP-CorpNXP-Auto
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/11c3dfea-b2ed-4888-ad87-b4f2422b7fb7
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