- Connects detailed vehicle data to the insurance industry for risk assessment and cost modeling
- Combines NXP’s new S32G2 high-performance automotive processors with MOTER’s insurance data science expertise and software
- Enables monetization of vehicle data with new and improved auto insurance services
EINDHOVEN, The Netherlands, July 20, 2021 (GLOBE NEWSWIRE) – NXP Semiconductors NV (NASDAQ: NXPI) and MOTER Technologies, Inc., an insurance company focused on bringing together automotive and automotive ecosystems insurance, announced an exchange platform that connects in-depth 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 kind of on-board vehicle calculation with the ability to access vehicle-wide data, with MOTER data analysis software for help fully monetize vehicle data for new and improved auto insurance services.
New auto insurance policies based on telematics data, which have reached penetration rates of up to 30% in some insurance companies *, represent a market expected to grow by more than 27% per year, insurers developing new data-driven insurance products. ** Access to a larger automotive data set, with more detailed and accurate information, can enable the development of next-generation analysis tools for actuarial analysis, development of new mobility products and the management of complaints.
While connected vehicles can generate terabytes of data per hour, some of which can be leveraged for sophisticated underwriting and multiple business applications, automakers and insurance companies are hampered by the lack of data processing platforms. available and cost-effective data with sufficient performance, security and centralization. access to vehicle-wide data.
To meet this need, NXP and MOTER have integrated their offers into a platform that targets the needs of the automotive and insurance sectors. The MOTER platform offers advanced risk algorithms that can be updated over the air and combined with custom insurance algorithms from an insurer or mobility company to create marketable information about drivers. The MOTER platform can be used under license with OEM vehicles to facilitate data exchange with insurers and mobility companies who are willing to underwrite and pay for driver information to enable new products based on vehicle data, including, but not limited to, usage-based insurance.
“Usage-based insurance is one of the most satisfying customer satisfaction and revenue potential data marketing opportunities for the automotive industry today,” said Michael Fischer, digital director of MOTER. “Together with NXP, MOTER is providing the data bridge that will enable the automotive industry to unlock the wealth of data for mobility insurance, fleet health and monitoring, and infrastructure planning and optimization. “
NXP’s GoldBox benchmark design, based on one of the recently launched S32G2 vehicle network processors, is a key enabler for new data-driven opportunities in vehicles, such as advanced insurance, employee health services. vehicles and fleet management. It provides safe and secure in-vehicle processing, OTA (Over-the-Air) service support, and on-board network and cloud connectivity required for these next-generation automotive applications. S32G2 processors provide both real-time processing and high-performance applications combined with vehicle network interfaces, network acceleration and hardware security, as well as expansion support for vehicle acceleration. machine learning (ML), mass storage and wireless connectivity to provide a powerful service-oriented gateway.
“Vehicle data will generate new business opportunities in the automotive industry in the near future, similar to the proliferation of apps and the massive information provided by smartphones over the past decade,” said Brian Carlson, Global Marketing Director vehicle control and networking solutions at NXP. “The S32G2 processors offer a unique combination of secure processing, networking and security technologies needed to make this a reality. Our collaboration with MOTER demonstrates NXP’s solutions-based approach that extends beyond silicon to provide a basis for new automotive industry innovations and valuable services.
To learn more about the collaboration between MOTER and NXP, visit https://moter.ai/nxp-moter
* Source: Novarica – October 20
** Source: MarketsandMarkets – June 21
About NXP Semiconductors
NXP Semiconductors NV (NASDAQ: NXPI) enables secure connections for a smarter world, delivering solutions that make life easier, better and safer. As a global leader in secure connectivity solutions for embedded applications, NXP is driving innovation in the automotive, industrial and IoT, mobile and communications infrastructure markets. Drawing on more than 60 years of combined experience and expertise, the company has approximately 29,000 employees in more than 30 countries and achieved sales of $ 8.61 billion in 2020. Find out more more, go to www.nxp.com.
NXP and the NXP logo are trademarks of NXP BV All other product or service names are the property of their respective owners. All rights reserved. © 2021 NXP BV
About MOTER Technologies, Inc.
MOTER Technologies is a software and data science company that aims to bridge the gap between the automotive and insurance ecosystems. The insurtech company continues the research and development started within its parent organization, with a focus on the commercialization of connected car data and the development of new insurance products and services in collaboration with OEMs, Tier 1, insurance companies and new mobility fleets. http://www.moter.ai
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