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Koop Technology believe that autonomy will make our world significantly safer and more productive. Its mission is to enable that by providing autonomy insurance.
As driverless cars inch toward reality — experts predict it could be as little as a decade before they’re widely available — figuring out how to insure them remains an unsolved challenge. When no one is behind the wheel to insure, how do you evaluate vehicle risk?
Koop collects data from autonomous vehicle and robotics companies and uses it for insurance underwriting, cost of risk, and claims handling, enabling developers, operators, and insurers to make potentially more informed risk transfer and pricing decisions.
As insurers transition from evaluating human-centric risk to ‘machine-centric’ risk, Koop will attempt to build off-the-shelf tools and proprietary methodology to underwrite autonomy. That will mean utilizing alternative datasets and developing a novel risk scoring model to explain the distribution of unmanned risks.
The startup thus far has done a great deal of work establishing credibility in this new grey area. For the company to succeed however, it will need to do more than establish credibility, but deliver its product at the level of traditional insurers in a way that complements existing workflows. Its API-first approach suggests that they should have no problem doing so.
Steph
Company Specialist at Welcome to the Jungle
Aug 2021
$2.5m
SEED
Sergey Litvinenko
(CEO)Previously Quantitative Analyst at EA Markets. Before that, worked as a Research Associate at Credit Suisse.
Zak Gazizov
(CTO)Previously Senior Software Engineer at Uber. Also worked as a Software Engineer at Microsoft.
Kamron Khodjaev
(CCO)Previously COO at Propel. Also worked as Senior Associate for iNetworks, a capital fund.
Jim Duan
(Head of Operations)Previously Sales Administrator for Teck Resources. Account Manager for Universal Forest Products.