Global reinsurance giant Swiss Re has collaborated with car electronics company Pioneer to develop a first-of-its-kind telematics solution designed to provide insurers with more and improved personalised risk assessment.
The innovative, co-developed solution is to be included in Swiss Re’s telematics suite and as a result of the new partnership, the reinsurer’s suite of telematic solutions will now include real-time driver warnings and claims-related services, including crash detection.
Swiss Re notes that the combined solution, which has been co-developed in response to market demand, will be launched next year and will be integrated in Swiss Re’s Coloride app, a technically advanced and sophisticated telematics app.
The Coloride app gives each driver a score that an insurance company can then use to determine usage-based premium. The app offers cautious drivers a financial incentive and also alerts risk behaviour, which in turn promotes responsible driving, ultimately making the roads a safer place.
With the integration of the new solution, Coloride will provide real-time driver warnings based on Pioneer’s map data and ADAS algorithm. According to Swiss Re, these warnings will help drivers avoid accidents. Furthermore, the solution can also work with a number of devices that collect acceleration data to reconstruct a crash.
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.”
Head of Automotive & Mobility Solutions at Swiss Re, Sebastiaan Bongers, commented: “With Coloride, we already provide one of the highest-ranked telematics apps to our clients, allowing insurers to accurately reflect the driving behaviour of their policyholders into their pricing. Moreover, the increased interaction with customers leads to more acquisition and retention, and with Coloride insurers can offer end customers valuable features that help improve safety.
“Following our clients’ demand, through our collaboration with Pioneer, we complement the current offering with instant safety information and hardware-enabled features, like automatic accident detection, first notice of loss and fast claim settlement, as well as advanced claims reconstruction, via a dedicated portal available to insurers.”
Seiji Tanezawa, Executive Officer, Data Solutions Business Management Group, Mobility Service Company at Pioneer, added: “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.”