HERZLIYA, Israel and HAYWARDS HEATH, United Kingdom and MILAN, Italy, March 17, 2022 (GLOBE NEWSWIRE) -- Otonomo Technologies Ltd. (Nasdaq: OTMO), the mobility intelligence company, and Henshin Group, the mobility and energy tech company that developed MOVENS, the open source platform designed to be the IoT hub for Smart Cities, and wefox, Europe's largest digital insurer, today announced the formation of a strategic relationship. The immediate aim is to generate rich, actionable vehicle data sets to drive innovation and create additional value for enterprises providing insurance, rental and leasing services to fleet vehicle operators. wefox also announced it will be the first to market with new insurance products powered by the joint platform.
Otonomo’s mobility intelligence platform powers the next generation of automotive, fleet, insurance, transportation and mobility services. Its cloud-native platform uses artificial intelligence, sensor data and behavioral pattern mapping from more than 50 million accessible connected vehicles and more than 430 million accessible mobility end devices to provide the critical insights needed to optimize vehicle insurance, emergency services, mapping, traffic management, EV management, micromobility, predictive maintenance and dozens of smart city solutions.
MOVENS provides smart city planners with full turnkey solutions for different mobility modes, such as shared mobility, public transportation and demand transport solutions, as well as connected and mobility services, while boosting the integration between different mobility systems, the energy community infrastructure and grid balancing.
The synergy between Otonomo's mobility intelligence platform, MOVENS technology and wefox's Mobility HUB platform will expand data to create new business use cases. Importantly, Otonomo’s mobility intelligence platform overcomes the current challenges limiting telematics-based insurance programs. Otonomo mitigates today’s requirements for expensive in-vehicle hardware and software devices and installation and the associated overhead of managing deep and domain-specific knowledge regarding data security and privacy responsibilities for telematics devices and data.
Initially, the collaboration will promote the development of new fleet vehicle insurance market scenarios by wefox, such as Pay-As-You-Drive (PAYD), Pay-How-You-Drive (PHYD), and Pay-As-You-Go (PAYG). It is also expected to foster the foundation of a next-generation insurance platform based on cloud Edge AI architectures. This technology helps ensure data can be collected and decisions made offline even when vehicles are operating in areas with poor or unreliable connectivity, solving a problem with today’s cloud systems.
wefox strives to disrupt the fleet and automobile insurance industry by adopting the embedded technology of various manufacturers through the emerging data ecosystem.
By leveraging the combined MOVENS--Otonomo offering, wefox’s path from connected car to connected car insurance will become much easier and more direct. The Berlin-based insurtech giant will no longer be dependent on aftermarket devices such as black boxes or OBD dongles. Instead, using enhanced, real-time datasets from MOVENS and Otonomo, wefox can propose increasingly responsive offers, tailored to the real needs of its customers as the mobility market continues to evolve and mature. With this foundation, wefox is paving the way to become the hub of insurance services covering different areas in Smart Cities.
Domenico Mangiacapra, CEO and co-founder of Henshin Group said, "Otonomo has become the industry’s go-to partner for vehicle data, and wefox is the biggest Insurtech company in Europe. We are extremely pleased to have formed this partnership and to extend our international partner ecosystem leveraging connected cars and mobility services, giving our end-customers the power to create new business models based on vehicle data.”
Ben Volkow, CEO and co-founder of Otonomo said, “Our partnerships are one of our key strengths and we are pleased to add MOVENS, a highly successful mobility services company, to our growing list of partnerships. In addition, we’re excited that wefox will immediately benefit from our optimized vehicle data and look forward to working with both companies to usher in the next era of insurtech innovation.”
Julian Teicke CEO and co-founder of wefox said, “wefox is shifting the insurance paradigm, going beyond ‘repair & replace’ to ‘predict & prevent.’ We are using the latest AI and IoT technology to prevent 30% of the bad things that cause people loss or harm. Because no matter how well your insurance protects you, it’s always better to prevent the damage in the first place.”
About Otonomo
Otonomo fuels a data ecosystem of OEMs, fleets, and more than 100 service providers spanning the transportation, mobility and automotive industries. Our platform securely ingests more than 4 billion data points per day globally from over 50 million vehicles licensed on the platform and massive amounts of mobility demand data from multimodal sources, then reshapes and enriches it, to accelerate time to market for new services that improve the mobility and transportation experience. We provide deeper visibility and actionable insights to empower strategic data-driven decisions - taking the guesswork out of mobility and transportation planning, deployment, and operations. Privacy by design and neutrality are at the core of our platform, which enables GDPR, CCPA, and other privacy-regulation-compliant solutions using both personal and aggregate data. Use cases include emergency services, mapping, traffic management, EV management, subscription-based services, micro-mobility, parking, predictive maintenance, insurance, media, in-vehicle services, and dozens of smart city solutions.
More information is available at otonomo.io.
Otonomo on Social Media
About Henshin and MOVENS
Henshin Group is an innovative software company belonging to the Veos Group, operating in the energy, environment and digital sectors. The company’s flagship product MOVENS is an open-source mobility meta-platform which is evolving to be the IoT Hub for Smart Cities and setting a new standard in the Tech Mobility Market. The high-level abstraction architecture enables integration of all layers involved in the Smart City ecosystem – physical devices, connectivity, services – and implementation of a cutting-edge technology for each layer. The microservices architecture enables both easy integration of platforms provided by global players and the analysis of large amounts of real-time data based on Artificial Intelligent Technologies to deliver actionable business insights.
MOVENS is a cloud-agnostic IoT platform boosting the integration with mobility systems, energy infrastructure systems, residential & business buildings.
MOVENS currently targets three verticals: the Mobility, Energy, and Insurance sectors.
The goal is a complete integration of various kinds of entities involved in a Smart City project to increase wellbeing services, to strengthen the societal values centered around people and to contribute to a more sustainable mobility society.
More information is available at https://www.movens.city/
Henshin on Social Media
About wefox
wefox was founded in 2015 by Julian Teicke, Fabian Wesemann, and Dario Fazlic. wefox is a full-stack digital insurance company driven by a single purpose: to make people safe and prevent risk by reinventing insurance at scale through technology. wefox is the parent company of wefox Insurance, which is the in-house regulated insurance carrier.
For press inquiries, please contact:
Otonomo
Juliet McGinnis
Senior Director of Communications
Julietm@otonomo.io
Henshin Group
Claudia Damari
External Relations
claudia.damari@henshingroup.com
wefox
John Shewell
Director of Communications - wefox HQ
john.shewell@wefox.com
Sallyanne Heywood
Communications Consultant
sheywood2010@gmail.com
For investment inquiries, please contact:
MS- IR for Otonomo
Miri Segal
msegal@ms-ir.com
Forward Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Otonomo the anticipated technological capability of Otonomo, the markets in which Otonomo operates and Otonomo’s projected future financial and operational results. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive data marketplace. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Otonomo’s final prospectus filed with the SEC on November 3, 2021 and other documents filed by Otonomo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Otonomo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Otonomo gives no assurance that it will achieve its expectations.
