Why Coop Technologies started an off-road automation technology insurance product

After the summer of finalizing the details, Buy technologies made public Robotics errors and omissions insurance product. The North Side insurance technology company, which specializes in autonomous vehicles and robotics accidents, called it an industry first.

Kamron Khodjaevof RealLIST starters The 2022 Honorary Chief Commercial Officer and Founder spoke technical.ly Off-road automation — machines typically used in warehouses, farms and construction sites — are becoming more common, and the risks that go along with the technology are emerging. So it’s time to start selling the errors and omissions insurance products, this type of insurance to apply to cases involving machinery and save not only people but companies from lawsuits that can cost them money.

“These companies are facing new types of risk, and they need to learn about it,” Kodjayev said. “And sometimes a company might not consider it, and there’s a chance that a certain claims event will happen and put the company out of business, lawsuits are expensive. Costs are expensive and many standard computer-generated insurance policies aren’t designed for that risk.”

According to 2021 Industrial robotics More than 3 million industrial robots will be used in the coming years as many workplaces choose to use robots for labor. Still, not all companies use robots for the same purpose, so the coverage provided by Koop Technologies will be suitable for each company by providing a risk assessment designed by Koop. In the current situation, the company already offers Singularity platformOne-source application tools for autonomous vehicle sharing, underwriting and claims management.

“We’re building an insurance team, we’re building a sales team, and we’re expanding insurance brokers across the country.”

Kamron Khodjaev

The new insurance is being rolled out through partnerships. CJ Coleman And Lloyd’s of London Syndicate. Thanks to cooperation with agencies, the product is available in 30 states.

Kopp Technologies says the offering of this type of insurance marks the beginning of “automation as a class” as it acquires off-road and on-road automation applications to meet the unique needs of the industry.

Currently, the company employs 10 to 15 people, but going forward, the company plans to hire more insurance brokers and members of its sales teams to handle new customers in different states. Koop has closed a seed funding round. 2.5 million dollars Based in Palo Alto Ubiquity Ventures In the year Partly used to expand the team in August 2021.

“We’re building an insurance team, we’re building a sales team, and we’re expanding our insurance broker network across the country,” Kodjaev said.

As Technical.ly notes, when the company’s seed round was announced, it’s no surprise that Koop chose the Pittsburgh headquarters, as three of its four co-founders are in University of Pittsburgh. But Khodjayev said at the time that he and his team were generally attracted to the city’s affordability and heavy availability of autonomous vehicles. Also, according to Kohodjay, there is no better place for Kup Technologies than the city which is an emerging robotics cluster in the country.

“It’s very important to be close to our customers, close to our partners,” the CCO said, emphasizing the ease of communication that comes with that proximity. “We love that we can have all of this, while keeping our costs relatively low.”

Atia Irvine-Mitchell is a 2022-2023 corps member for US Report, a Groundtruth Project initiative that pairs young journalists with local newsrooms. This position is supported by Heinz Endowments. -30-

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