AXA General Insurance is collaborating with the mobility platform Socar to develop data-driven insurance products that reflect driving habits and travel patterns.
On June 23, AXA General Insurance announced that it has signed a memorandum of understanding (MOU) with Socar to develop data-based insurance products and explore new business collaborations.
The agreement aims to combine AXA's expertise in auto insurance with Socar's mobility data to create customized insurance services that reflect actual driving behaviors.
As advancements in artificial intelligence (AI), autonomous driving technology, and shared mobility continue to grow, there is an increasing demand for insurance services tailored to individual driving tendencies and patterns. The insurance industry is accelerating the development of data-driven products in response.
Through this partnership, the two companies plan to jointly research new insurance products utilizing mobility data, including autonomous driving data and safe driving scores, while also developing customized insurance products that reflect the needs of Socar users.
Additionally, they aim to expand the insurance product portfolio within the Socar platform and improve operational efficiency and profitability through the development of new services and insurance products, as well as collaboration in accident assessment and operational tasks.
Hans Branken, CEO of AXA General Insurance, stated, "As the mobility industry rapidly evolves, the role of insurance is also transforming from simple coverage to providing customized solutions based on customer data. We will continue to discover innovative business models suitable for the changing mobility ecosystem."
* This article has been translated by AI.
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