Autonomous Vehicle Insurtech Koop Technologies Launches Industry-First Robotics Errors & Omissions Insurance Product
Koop Technologies, an insurance technology company specializing in autonomous vehicles and robotics risks, has launched an industry-first Robotics General Liability and Errors & Omissions insurance product in partnership with CJ Coleman and leading
"Our new E&O product is designed to meet the unique needs of the robotics ecosystem. Automation is poised for exponential growth, and we are prepared to provide our clients and broker partners with an insurance program and experience created specifically for them," says
"In my 20+ years in the insurance industry, I have always been drawn to ways we can apply technology to improve accuracy, consistency, and scope of data to understand risk better. Autonomy presents an incredible opportunity to advance underwriting in this way, and today, I am thrilled to say that this is exactly what we are delivering here at Koop," adds
"CJ Coleman and I are proud to be supporting cutting edge companies in their growth, and we are excited to have a front row seat, alongside our trusted partners, as autonomy and robotics enter the mainstream," says
Off-road automation is growing at unprecedented rates, from last-mile delivery to industrial use cases. More than 3 million industrial robots1 are in use today, with an estimated compound annual growth rate of 20%+ over the next decade2. The projected global market for terrestrial autonomous systems is expected to reach
Robots have unique technical and safety engineering attributes, making them a compelling risk class for insurance carriers. Koop Technologies developed the toolset to collect and analyze data from autonomous vehicles and robotics fleets, incorporating those risk attributes. It provides an edge in underwriting automation risks that the traditional markets currently underserve. Off-road robotics is one of the segments within the "automation as a class" risk category, where the risk profile shifts from human-centric exposure to software-defined exposure in real-world operating domains.
To learn more about Robotics E&O or get a quote, visit the company's website at www.koop.ai or get in touch at [email protected].
Media Contact
Jim Duan, [email protected]
About Koop Technologies
Koop Technologies is an insurance technology company specializing in automation risks. The company developed the Singularity Platform™, a single-source functionality toolset for autonomous vehicle data sharing, underwriting, and claims handling. The company insures customers across various automation use cases and is backed by deep tech investors
About CJ Coleman
CJ Coleman is a
References
[1] https://ifr.org/ifr-press-releases/news/robot-sales-rise-again
[4] https://news.yahoo.com/robot-orders-increase-40-amid-135514474.html
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