SiriusPoint invests in ‘disruptive’ autonomous vehicle technology
Global specialty re/insurer SiriusPoint has invested in an autonomous vehicle technology that it claims has the potential “to be a disruptive force” in the automotive insurance market.
The insurer has formed a strategic partnership with motor managing general agent (MGA) Avinew, which was set up in 2016 as an underwriting platform that can directly underwrite and “appropriately price” for semi-autonomous and autonomous motor usage.
The MGA's insurance product covers artificial intelligence-enabled vehicles, designed “to plug the knowledge gap” in the market caused by a lack of ability to understand and track autonomous automobile usage.
SiriusPoint will offer fronting services, reinsurance, and strategic advice to Avinew, and the investment will allow Avinew to grow its product offering and develop its technology to gain market share.
“Avinew has the potential to be a disruptive force in the automotive insurance market and for us, represents meaningful strategic value,” said Darryl Siry (pictured), chief technology officer at SiriusPoint. “The autonomous revolution has already begun as one in three new cars sold will soon have Level 2 plus autonomous driving capability which amounts to over six million vehicles in the US market by 2024. We are delighted to be part of that revolution through our partnership with Avinew.”
Josh Curry, head of North America distribution at SiriusPoint, added: “Avinew understands the need for cooperation between insurers and the Original Equipment Manufacturers (OEMs). Avinew is embedding the insurance underwriting, pricing, and overall insurance customer experience directly with the OEMs. This collaboration allows for an insurance programme that is seamless at digital point-of-sale and directly tailored to the specifics of the manufactured vehicle, its safety features, target market demographics and the parts and repair journey.”
“ SiriusPoint for us offers more than just investment,” said Avinew founder and CEO Dan Peate. “It gives us expertise in insurance and technology, experience and knowledge.”
Peate, who has 20 years of insurance experience spanning Fortune 50 companies and insurtech, thinks the investment from SiriusPoint “is an exceptional opportunity for us to grow and flourish and allow Avinew to become the preferred partner in this space – giving better, seamless customer experiences and the right coverage for AI-enabled vehicles.”
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