Toyota Tsusho Corporation has invested in AiCare Group, a Kenyan telematics insurance provider.
The investment will be made through Toyota Tsusho’s corporate venture capital subsidiary Mobility Investment SAS, but the amount and terms of the investment have yet to be disclosed.
Arthur Mulwa, co-founder and CEO of AiCare, said the funding would be used to grow the company’s personnel, engage in research and development, and provide additional value to its consumers.
“Our goal is to continue to provide innovative insurance, safety, and location-based services to the mobility sector,” Arthur stated.
AiCare analyzes 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.
Furthermore, the insurtech’s data analysis takes into consideration the specific African road conditions, providing consumers on the continent with practical and relevant risk assessments.
Toyota Tsusho will also partner with AiCare to deploy its technology across Africa, leveraging Toyota’s extensive automotive network.