Swiss Re has announced an exclusive agreement with Luminar, an automotive technology company, that will lower the total cost of vehicle ownership, improve assisted driving technology and improve driver safety. Swiss Re will use data provided by commercial and consumer vehicles equipped with Luminar lidar and safety solutions to evaluate proactive accident prevention capabilities that could potentially prevent or reduce auto insurance claims.
“The goal of Luminar is to make roads safer. And the ultimate goal of Swiss Re is to make the world more sustainable… Making roads safer is a sure way to fulfill this mission…” says Luigi Di Lillo, Product Manager. and the partnership team at Swiss Re in Reinsurance Solutions. He explains that the partnership aligns with Swiss Re’s mission to “provide our customers with new perspectives, new methodologies and ensure that customers buying insurance are motivated by a system that is safer in terms of accident prevention or mitigation and, as such, reduces death on the road.
Swiss Re is committed to assessing the soundness of accident prevention and safety decisions to ultimately reduce claims and overall insurance costs for consumers driving vehicles with Luminar digital technology.
“We are trying to translate the actual performance of these devices on the road into insurance figures, and insurance figures are directly related to cost of ownership because you pay less for your insurance and thus reduce the amount of money you have. pay for the car while you are safer,” Di Lillo says.
The data Swiss Re collects and evaluates will be translated into insurance metrics and provided to Luminar as the cornerstone of its insurance program, furthering its mission to improve driver safety and reduce insurance costs.
“Traditional risk models are based on sets of data or knowledge that are out of sync with the advanced technology available in cars today. Namely, the data obtained with this technology, which reflects the behavior of vehicles on the road, is not fully used,” explains Di Lillo. “The idea is to provide our clients with additional levels of detail and in turn improve their segmentation ability, risk selection and pricing accuracy. If a car equipped with Luminar devices is safer than another car equipped with other systems, then the driver should perhaps receive a discount on his insurance premium.”
Luminar will launch an insurance initiative that is expected to be available in the US next year. Swiss Re will support the insurance program by evaluating Luminar devices and generating data that can be used for future models or bidding.