Koop Technologies – an insurance technology company focused on the robotics ecosystem – recently announced a strategic investment from Hyundai Motor Company and Kia Corporation to boost product development and distribution capabilities for autonomous vehicles and robotics.
With self-driving cars and next-generation robots entering the market, the robotics services ecosystem will dramatically expand. Insurance is essential for commercializing autonomous vehicles and robots, enabling a financial backbone and peace of mind for end-users. And Koop plans to work with Hyundai and Kia on increasing the adoption of robotics-based products and services through proprietary risk evaluation and convenient delivery of new insurance coverages.
In recent years, rapid advancements in automation technologies have been driven by the escalating challenges of labor shortages and their associated costs. Leading the global deployment surge are mobile and stationary robotics, industrial robots, AGVs, and autonomous vehicles. And the robotics sector has witnessed its growth rate nearly double over the past two years, with projections suggesting a 25% CAGR from 2023 to 2030.
But the insurance sector lags in adapting to robotics. The complexities around robotics liability present challenges to insurers, leaving them unable to utilize robotics data effectively. And this lag creates hurdles for robotics developers and operators, who often find themselves uninsured, self-insured or with very constrained insurance options.
This gap is how Koop sets itself apart. And Hyundai and Kia invested in autonomous vehicles, mobile robotics, and air mobility, all requiring financial protection for commercialization. The intersection of robotics, autonomous vehicles, and AI with financial services and risk management is where Koop, Hyundai, and Kia plan to partner further.
KEY QUOTES:
“I’m convinced that next-generation automotive OEMs will reinvent themselves to become robotics OEMs, and Hyundai and Kia are clearly trailblazing in that direction. This strategic investment will allow Koop to expand its engineering, product, and distribution capabilities and partner with Hyundai and Kia on building a whole new category of financial services for robotics, starting with insurance and risk management. The strategic investment in Koop reinforces Hyundai and Kia’s holistic approach to commercializing robotics, where financial services, including insurance and risk management, are central to reliable deployments. We are happy to partner with Koop to bring new robotics products to market in the near future,” said Dr. Yunseong Hwang, Vice President and Head of Open Innovation Execution Group at Hyundai Motor Group. “OEMs that integrate insurance services into its value chain can see significant revenue expansion and higher customer satisfaction in the long run.”
— Sergey Litvinenko, Co-Founder & CEO of Koop
