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Koop Technologies Announces Singularity Platform
Koop Technologies, an insurance technology startup specializing in autonomous vehicle and automation risks, has released its modular, API-powered insurance platform purpose-built for autonomous vehicle data sharing, underwriting analysis, and claims handling. The Singularity PlatformTM features a commercial-grade toolset that enables data-driven underwriting analysis of autonomous vehicle deployments. The toolset includes Koop API, Portal By Koop, and Insurability Sufficiency FrameworkTM, a proprietary methodology for assessing the insurability of autonomous systems. Integration with the Singularity PlatformTM will provide autonomous vehicle fleets and developers with access to insurance products and risk intelligence that will facilitate the commercialization of AVs within different use cases.
"Autonomy insurance is emerging as a new category of insurance that will enable the commercialization of the autonomous mode of transportation. We believe this category requires new insurance products to answer to the unique needs of autonomous vehicle fleets and developers, and our platform brings those insurance products to fruition," says Sergey Litvinenko, Koop's Co-Founder & CEO.
"Our engineering team has used the latest technologies for the Singularity PlatformTM to make integration easy and scalable. We envision the future where mobility data and insurance are closely integrated, so we focused on security and trust from day one," says Zak Gazizov, Koop's Co-Founder & CTO.
"We are very excited to be at the forefront of building autonomy insurance and are looking forward to announcing our first integrations in the near future," adds Sergey Litvinenko.
Historically, the insurance industry has collected data and built models to understand the distribution of the risk of manned systems. With autonomous vehicles, humans get replaced by software, which makes it complicated for insurance companies to quantify the exposure of AVs just using their existing models. The Singularity PlatformTM provides insurance carriers with off-the-shelf tools and proprietary methodology to underwrite autonomy utilizing alternative datasets and a novel risk scoring model to explain the distribution of unmanned risks. As AV developer-operators accelerate their transition from R&D to operations and commercialization, insurance comes up as one of the factors that can either deter or facilitate the commercialization of autonomous vehicles. Insurance companies looking to build new insurance products to facilitate the adoption of autonomy are now able to rely on Koop's analytics, tools, and infrastructure to meet the needs of the rapidly evolving autonomous vehicle industry. To learn more about the Singularity PlatformTM, its benefits or functionality, please reach out to info@koop.ai or visit our website at www.koop.ai.
