Toyota Tsusho Corporation and its group company CFAO decided to invest in AiCare, a provider of telematics insurance systems for insurance companies in Kenya. The investment was engaged by Mobility 54 – a corporate venture capital subsidiary of Toyota Tsusho group which was jointly established in October 2019, through the convertible notes investment.
Future business development through investment and collaboration with AiCare
The investment in AiCare is aimed at providing better quality insurance services to drivers by accelerating the penetration of telematics insurance in the African insurance sector. Toyota Tsusho group will help AiCare’s telematics insurance system to be deployed on Pan-Africa basis by fully leveraging its vast automotive network in Africa.
In addition, telematics insurance has significant potential synergy with the connected services that may emerge across the continent in the coming years. Toyota Tsusho group will continue to pursue a safe and better mobility society in Africa by promoting the collaboration of telematics insurance and connected services.