Introducing the ADAS risk score
Swiss Re to launch new Motor solution: the ADAS risk score. The score (to be launched in 2019) will enable insurers to better price ADAS equipped vehicles.
Motor insurance is one of the most important lines of business for our clients and car automation is now a major topic for the industry. On the journey towards autonomous vehicles, cars are increasingly equipped with advanced driving assistance systems (ADAS) that actively support the driver in avoiding accidents. Swiss Re research shows that these features can already have an impact on loss frequencies, but most insurers do not yet reflect the impact of ADAS in their motor insurance products.
Sebastiaan Bongers, Head Strategy, Products & Technology, Swiss Re: "Insurers will have to adapt as the automotive sector is on a journey towards fully Autonomous Vehicles (AV). But we do not have to await the arrival of Autonomous Vehicles as ADAS equipped vehicles will already reduce accidents. The issue for insurers is how they get to know what ADAS features are installed, how much safer these systems are, and to what extent drivers use these systems."
To build and launch the ADAS Risk Score, Swiss Re engaged in a strategic partnership with the BMW Group. With their expertise, we have developed the ADAS risk score that allows us to assign a safety score to individual vehicles that insurers can use in their pricing approach. Our scoring models assist insurers with the burdensome task of continuously assessing all the safety features of individual (Original Equipment Manufacturers) car manufacturers.