Insurance TelematicsUBI Solutions

Toyota & Aioi Nissay collaborate in a US venture for usage-based car insurance

Published: April 13, 2016 | Toyota City, Japan

The United States subsidiaries of Aioi Nissay Dowa Insurance Co., Ltd. (AD) and Toyota Motor Corporation (TMC) established the jointly owned telematics car insurance services company Toyota Insurance Management Solutions USA, LLC (TIMS), on April 1.

In Southern California, near TFS U.S. headquarters, TIMS will support the development of telematics car insurance services for Toyota customers, as well as new experiences aimed at more fully satisfying customers by working in unison with dealers and distributors. TIMS will contribute to the development of insurance offerings that benefit consumers?including so-called ‘pay how you drive’ insurance, which encourages safer driving. TIMS plans to conduct analysis of big data, and conduct relevant marketing and promotion of the new services to help offer broader insurance options to users.

The aim of establishing the new company is to contribute?from the aspect of automobile insurance?to the achievement of Toyota’s vision of a mobile society that is safe, secure and convenient. It intends to leverage TC’s telematics data access, TFS’s financial services, and AD’s telematics car insurance expertise to offer services designed to provide higher customer satisfaction. TFS and AD have been jointly promoting such unified financial and insurance services around the world since the 1990s.

TC was established within the framework of a global reorganization of TMC’s corporate structure into product-based in-house companies, and aims to contribute to TMC’s global development in the connectivity and data science fields. Along with the increase in connected vehicles, there is a need for a more-seamless relationship among driving data, financing options and insurance. The joint establishment of TIMS by these companies is an undertaking designed to address that need.

Source: Toyota

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