Swiss Re and Pioneer to launch innovative telematics solution for insurers
Swiss Re and global car electronics company Pioneer have co-developed an innovative telematics solution that provides insurers with better and more personalised risk assessment, while supporting safer driving behaviour.
The combined solution will be integrated in Swiss Re's Coloride app and is set to be launched globally early next year.
Swiss Re's Coloride assigns a risk score to each driver; an insurer can use this score to calculate the usage-based insurance premium. By offering a financial incentive to cautious drivers and flagging risky behaviour, insurers can encourage responsible driving, making roads safer for everyone.
With the new solution, Coloride will provide real-time driver warnings based on Pioneer's map data and ADAS algorithms. These warnings help drivers to avoid accidents. Additionally, the new solution can be extended with a range of devices that collect acceleration data to accurately identify and reconstruct a crash. Some of the devices also have a manual emergency button, so the driver can call for support after an accident.
Eric Schuh, global head P&C solutions at Swiss Re, said: "Swiss Re is working with partners across the industry on new digital insurance solutions that will help close the protection gap in all lines of business. Together we explore new opportunities to solve challenges that span the insurance value chain, expand the footprint of insurance, and make insurance more affordable and available, while better engaging customers."
Road traffic accidents kill 1.2 million people every year, costing economies between 1% - 3% of their gross national product, according to estimates of the World Health Organisation (WHO).
Seiji Tanezawa, executive officer, Data Solutions Business Management Group, Mobility Service Company at Pioneer, said: "We are delighted to be working with one of the world’s major reinsurance companies, which is leading the way in the deployment of insurance-focused telematics solutions. Today’s announcement is the culmination of a fruitful collaboration between our teams and is testament to both parties' commitment to reducing accident and driver risk through the use of advanced telematics technology."
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