Toyota is the newest partner in the Swiss Re platform that provides a risk score on vehicles so insurers can develop premiums that reflect new safety features.
Through this partnership with Toyota Insurance Services (TIS)/Toyota Insurance Management Europe, Swiss Re will extend its ADAS (Advanced Drivers Assistance Systems) risk score to Toyota and Lexus vehicles. As a result, primary insurers will be able to offer preferential rates to owners of ADAS-equipped Toyota and Lexus cars.
Advanced driving assistance systems (ADAS) support drivers 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.
The rollout of these risk scores is planned to start in 2021 and will initially focus on European countries.
Swiss Re said it intends to integrate other major car brands into the ADAS platform, hoping it can create an industry standard.
“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,” said Michael Kainzbauer, CEO Toyota Insurance Services.
“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,” commented Jason Richards, head of Swiss Re’s casualty underwriting reinsurance.
Toyota Insurance Management Solutions is an independent licensed insurance agency and an affiliate of Toyota Financial Services. Nationwide, Safeco, Travelers and National General are among its insurance carrier partners.
Was this article valuable?
Here are more articles you may enjoy.