MotorDNA, Insurtech, Launches Leveraging Data and AI to Save Lives
MotorDNA (www.motordna.io), a new data and analytics company, was formed with the mission to leverage data and technology to improve the safety of vehicles on the road today and in the future. MotorDNA seeks to close the data gap between the Insurers, Consumers, Auto Lenders, Fleet Managers, Regulators, and OEMs with a platform to encourage the production and demand for safer vehicles.
The US Automobile Insurance industry, valued at greater than $300B, is modernizing and transforming its products to mirror the transformation in the mobility space. Automobile technology is rapidly advancing, and vehicles are getting smarter. Safety features, sometimes referred to as ADAS (Advanced Driver Assistance Systems) and their effectiveness are progressing quickly on the journey to autonomous driving. However, vehicle build data is neither readily available in the market nor has it been organized to make it actionable for insurers to create products and pricing based on accurately assessing the risk of each vehicle.
Co-Founder & CRO Tom War stated, “MotorDNA aspires to leverage data, analytics, and AI to produce a net societal benefit. Our goal is to empower every stakeholder in the ecosystem with differentiated data to improve safety. From improving unit economics and loss ratios for insurers to increasing demand for safer vehicles from OEMs, MotorDNA is working to transform mobility.”
MotorDNA platform delivers original vehicle build data, including the safety features installed in each vehicle to better assess risk. The platform also provides a Vehicle IQ® score that measures the relative safety of each vehicle. This score is like a credit score for your car. Insurers are looking for newer and better data sources to compete effectively in this evolving space.
“We have big audacious goals,” explained Vik Dhawan, Co-Founder & Chief Product Officer. “We are looking to influence and empower major industry segments with our data and products to produce better and safer outcomes for consumers. That is our “why” and the centerpiece of our exciting product roadmap. We will create an environment where everybody wins.”
Experienced and successful executives founded MotorDNA in 2021. MotorDNA launched publicly with fully functional product(s) at the InsureTech Conference in October after years of working in stealth mode.