Toyota Motor (TMC), Toyota Financial Services (TFS) and Aioi Nissay Dowa Insurance (AD) have established a joint venture telematics car insurance services company, Toyota Insurance Management Solutions (TIMS) USA.
The new company will be located near Toyota Financial Services US headquarters in Southern California and it will support the development of telematics car insurance services for Toyota customers.
TIMS will focus on the development of insurance offerings and schemes based on 'pay how you drive' insurance offerings, which encourage safe driving.
In order to provide such insurance schemes, TIMS will need to perform in-depth big data analysis and conduct relevant marketing and promotional activities for the new services to reach customers.
The Japanese auto-maker says that establishing the new insurance company is in line with its vision of a safe, secure and convenient mobile society.
Total capital investment for TIMS which is $9m will come from Aioi Nissay Dowa Insurance and Toyota Financial Services through their US subsidiaries with 50% and 45% respectively.
Remaining 5% of investment will come from the recently established Toyota Connected, which will invest on behalf of Toyota Motor.
TIMS will leverage expertise of its parent companies which include telematics data access from Toyota Connected, TFS' financial services and AD's expertise in telematics car insurance and provide services for higher customer satisfaction.
Toyota says that TIMS will use driving data accumulated with appropriate consumer consent and will also collaborate with Toyota Research institute which works in the fields of artificial intelligence and robotics.
