Author: Angel Reyes  

Auto Accidents

Insurance tech startup Koop Technologies from Pittsburgh raised $2.5 million in seed funding to bring a pain point-reducing insurance platform to companies using autonomous vehicles and advanced robotics.

Large truck accidents killed 5,005 people and injured another 110,000 more in 2019. Driver fatigue, speeding, misjudgment, and blind spots account for the vast majority of these preventable collisions—but are we getting closer to a day where human judgment errors are no more? Koop Technologies investors are betting on it.

Investors Bet on Artificial Intelligence and Data to Scale Autonomous Truck Industry

The small company of four founded in 2020 was funded by Ubiquity Ventures, along with Bee Partners, Sure Ventures, WestWave Capital, and a number of angel investors. Now that the Google self-driving car project has progressed to Waymo and the first truly driverless vehicles are in manufacturing, insurance products are needed that will accurately reflect the real-world risks and that are ready to be scaled.

The company has been collecting automated driving data to use in risk analysis, insurance underwriting, and claims processing. Their analytics platform uses artificial intelligence, machine learning, and proprietary insights gleaned from aggregated data sets to inform business leaders and insurance companies about how to reduce risk, maintain fleets, and operate safer.

“Both developer-operators and insurers can make radically better risk transfer and pricing decisions,” says Koop in a press release.

So far, the company is working with clients in 13 states where autonomous fleets are being tested. If all goes well and the bigger picture points to reasonable risk assessment, we could see many more autonomous trucks on the road in the near future. 

How Data Affects Truck Accident Lawsuits

For people injured in truck accidents, the rise of telematics over the last decade has provided personal injury legal teams with information about vehicle location, driver behavior, and vehicle diagnostics that have led to substantial jury awards. Not surprisingly, internal trucking fleet data tends to be a highly guarded secret. Even so, many fleets are sharing proprietary information with Koop Technologies in hopes of transferring more risk to commercial insurance products.

Are Insured Autonomous Trucks Safer?

We’re at the precipice of an exciting new frontier for sharing the road with autonomous trucks. While the industry holds great promise, we’re not quite there yet. Currently, self-driving vehicles are involved in 9.1 crashes per million miles driven – more than double the 4.1 crash-per-million rate for regular autos. The good news is that the accidents do tend to be less severe. While having the tools to make better insurance decisions is a logical next step, it raises a number of questions about obtaining coverage for accident injuries.

Contact Angel Reyes – Reyes Browne Reilley for a free consultation

If you or a loved one are suffering injuries from a car wreck to no fault of your own, our attorneys at Angel Reyes – Reyes Browne Reilley Law Firm are here to help. A car wreck lawyer in Dallas could allow you to secure financial compensation for your injuries. We maximize your potential to recover every single penny you deserve. To learn more, contact us immediately for a 100% free consultation. Tap to call us or submit a form here now.

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