Assurant, a niche market specialty insurer, has invested in a technology startup focused on connected car services.
The New York-based company declined to disclose the level of investment in Mojio, a technology platform and software-as-a-service (SaaS) provider with offices in Vancouver, B.C.; Campbell, Calif.; and Sofia, Bulgaria. Assurance made the investment through its Assurant Growth Investing venture capital initiative
Plans call for both companies to work on products that use their combined pools of vehicle data to “enhance the ownership experience” of car owners. Assurant provides coverage in areas including vehicle protection, mobile devices and extended service contracts. Mojio is a cloud platform and SaaS provider for automakers and mobile network operators looking to build connected car services, with a data analytics and machine learning component.
Bob Lonergan, Assurant’s chief strategy officer, said in prepared remarks that the partnership should allow each company to capitalize on its “complementary capabilities.”