Deal Street

Toyota Announces Investment In Kenyan Telematics Insurance Provider AiCare
Toyota Announces Investment In Kenyan Telematics Insurance Provider AiCare

Toyota Tsusho Corporation has announced an investment in Kenyan telematics insurance provider AiCare Group. The investment will be made through Mobility Investment SAS, Toyota Tsusho’s corporate venture capital subsidiary. Toyota Tsusho will also partner with AiCare to deploy its technology across Africa, leveraging Toyota’s extensive automotive network.

AiCare determines a driver’s accident risk score using a data-driven technique, allowing motor vehicle insurers to compute customised premium rates based on real-time data on driving behavior and distance traveled. Their system provides incentives for safe driving, lowering premium prices for good drivers and lowering the risk associated with motor insurance.

The startup plans to use the investment to expand its team, invest in research and development, and offer more value to its customers.