Swiss Re partners with Toyota Insurance on motor risk solution
Swiss Re has formed a strategic partnership with Toyota Insurance Management Europe to further develop its vehicle risk-assessment model ADAS (advanced driving assistance systems).
Through the strategic partnership, Toyota Insurance Services and Swiss Re will extend the Swiss Re ADAS risk score to 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.
Toyota is the newest partner to join the Swiss Re ADAS risk platform after the BMW Group. The ADAS risk score was launched by Swiss Re and BMW Group in 2019 with the aim of solving the challenge of knowing which ADAS features are installed in a vehicle 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.
Swiss Re said it intends to integrate other major car brands into the ADAS platform to create an industry standard that benefits insurers in terms of healthier and better performing portfolios, as well as car manufacturers by supporting sales of ADAS-equipped vehicles, and 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 of 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.“
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