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Toyota launches telematics insurance services in USA
US drivers will have access to a new telematics based insurance service from joint venture set up by Toyota in the country.
Toyota Financial Services (TFS) and Toyota Motor Corporation (TMC) in the USA have joined with a major insurance provider to establish a jointly owned telematics car insurance services company which is called Toyota Insurance Management Solutions USA (TIMS).
TIMS will support the development of telematics car insurance services for Toyota customers in Southern California, near TFS US headquarters. It will also create new experiences aimed at more fully satisfying customers by working in unison with dealers and distributors. TIMS will contribute to the development of insurance products 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 the point of view of car insurance, to the achievement of Toyota’s vision of a mobile society that is safe, secure and convenient.
The insurance company and TFS will invest in the new company through their own subsidiaries in the USA, while investment on the part of TMC will come from Toyota Connected (TC) established in the USA in January 2016. The new company intends to use TC’s telematics data access, TFS’s financial services and the insurance company’s telematics car insurance expertise to offer services designed to provide higher customer satisfaction.
TC 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.
Using the USA as a launch pad, TIMS has the aim of a wider rollout through coordination with TMC’s global operations. TIMS plans to make use of accumulated driving data obtained with appropriate consumer consent and also plans to engage with the Toyota Research Institute, which TMC established as a research base for the fields of artificial intelligence and robotics.
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