#Asia Malaysia’s Katsana raises funding to help auto insurers cut their claims losses

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Photo credit: Wikimedia.

Malaysia ranks sixth in the world in terms of car theft, with one car lost every 24 minutes. Less than one out of 10 stolen cars are ever recovered and returned to owners. Those grim statistics gave Syed Ahmad Fuqaha the idea for Katsana, a startup that offers telematics for monitoring vehicle fleets in real time and gleaning insights with data analytics capabilities.

Today, the startup announced it has raised over US$890,000 in funding from Axiata Digital Innovation Fund, which is managed by Intres Capital.

It will use the money largely for the rollout of its new product Katsana Insight, an analytics and gamification engine, which is aimed at the motor insurance industry.

Katsana installs a beacon in vehicles that allows owners to track them and retrieve their movement history down to the smallest details. This means it can detect if a vehicle met a mishap, if it moved out of a predefined area, or if its driver was speeding. It can also detect any drop in the car’s fuel level. Katsana Insight then uses the data gathered to provide deep insights into driver behavior.

See: Malaysia ranks 6th in the world in car theft. A startup wants to solve that

Relief for insurers

The product drastically reduces insurers’ claims loss, and “lowers barriers to entry by introducing packages,” says Katsana. “Insurers do not need to set up an expensive IT infrastructure internally to analyze data as information will be accessible online when they log in to Katsana Insight dashboard via a web browser and through its API.”

Right now, 95 percent of the vehicles on Katsana’s platform are owned by enterprises and the rest belong to private individuals. The company broke past the RM 1 million (US$223,000) revenue mark just before the investment came.

“We have collected and analyzed over 140 million kilometers of vehicle travel data since we started three years ago,” shares Fuqaha. The platform has also successfully recovered 98 percent of stolen car cases, mostly in under an hour. That is 57 recovered vehicles out of 58 reported stolen.”

The company will now be focusing on the auto insurance sector, which is paying an average of over US$1 billion in claims per year.

Converted from Malaysian ringgit. Rate: US$1 = RM 4.48.

This post Malaysia’s Katsana raises funding to help auto insurers cut their claims losses appeared first on Tech in Asia.

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