21-09-2020
Toyota Insurance Services to join Swiss Re ADAS risk platform
Insurance AlertssToyota Insurance Services to join Swiss Re ADAS risk platform
Toyota Insurance Services (TIS)/Toyota Insurance Management Europe and Swiss Re are partnering up to further develop the Swiss Re ADAS risk score. TIS is the next partner after BMW Group to join the ADAS risk score platform and will, as part of the partnership, make Toyota and Lexus vehicle data available for the purpose of insurance scoring.
On the journey towards autonomous vehicles, cars are increasingly equipped with advanced driving assistance systems (ADAS) that actively support the driver in avoiding accidents. Insurers face the challenge of knowing which ADAS features are installed in a vehicle, what their impact on safety is, and to what extent drivers use them. The ADAS risk score was launched by Swiss Re and BMW Group in 2019 with the aim of solving this issue and developing a vehicle-specific insurance rating that primary insurers worldwide can use to calculate insurance premiums, taking safety-relevant driver assistance systems into account.
Through the partnership with TIS, ADAS risk scores will become available also for Toyota and Lexus vehicles, allowing for a better assessment of their safety performance. The rollout of these risk scores is planned to start in 2021 and will initially focus on European countries.
Swiss Re intends to integrate other major car brands into the ADAS platform, thereby creating an industry standard that benefits insurers in terms of healthier and better performing portfolios. It will also benefit car manufacturers by supporting sales of ADAS-equipped vehicles, and, ultimately, car owners, who can benefit from a reduced total cost of ownership.
Jason Richards, Head Casualty Underwriting Reinsurance at Swiss Re, said: “We’re very pleased to announce the partnership with Toyota Insurance Services through which Swiss Re clients will be able to harness the predictive power of the ADAS risk score to all Toyota’s and Lexus’ passenger vehicles. By giving customers another incentive to purchase advanced driving assistance systems, we indirectly contribute to reducing accidents. This completely fits with our vision to make the world more resilient.“
Michael Kainzbauer, CEO Toyota Insurance Services, said: “We have always aimed to use the data on repairs and, more recently, telematics driving data, to help improve the safety performance of Toyota and Lexus cars and its drivers. This partnership with Swiss Re takes that mission a step further, enabling our customers to benefit from optimised insurance premiums that reflect the safety improvements it will deliver, as well as contribute to reducing the overall cost of ownership for Toyota and Lexus customers.“
Toyota Insurances Services is the trade name, the legal entity is Toyota Insurance Management SE
Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission.
Source: Press Release