There are large un-resolved security and privacy issues with connected cars.
Aioi Nissay Dowa Insurance Co., Toyota Financial Services Corp., and Toyota Motor Corp. announced that their U.S. subsidiaries formed a jointly-owned telematics car insurance services company called Toyota Insurance Management Solutions USA – TIMS – at the beginning of April.
It’s the latest step advancing the growing “pay-as-you-drive” insurance offerings and offer broader financing options for drivers. It’s also a reminder that who owns, sells and trades connected car data is far from resolved.
In a statement released in Japan, Toyota said, “The aim of establishing the new company is to contribute―from the aspect of automobile insurance―to the achievement of Toyota’s vision of a mobile society that is safe, secure and convenient.” The companies believe that there is a need for “a more-seamless relationship among driving data, financing options and insurance.”
Newly formed TIMS will work with its dealers and distributors. Previously, Toyota Financial Services and Aioi Nissay Dowa Insurance have been jointly promoting such unified financial and insurance services around the world since the 1990s. By consolidating their experience, the two companies now plan to start new services in the U.S.
