TIS is the latest partner to join the ADAS risk score platform after BMW Group, and as part of the partnership, will make Toyota and Lexus vehicle data available for the purpose of insurance scoring.
As the push towards autonomous vehicles intensifies, cars are increasingly equipped with advanced driving assistance systems (ADAS) that actively support drivers in avoiding accidents.
For insurers, the challenge can be knowing which ADAS features are installed in a vehicle, what their impact is on safety, and to what extent drivers actually use them.
Swiss Re and BMW Group launched the ADAS risk score in 2019 with the aim of solving this issue and creating a vehicle-specific insurance rating that primary carriers across the globe can use to calculate insurance premiums, taking driver assistance systems into account.
Through the new partnership with TIS, ADAS risk scores are set to be made available for Toyota and Lexus vehicles, ultimately allowing for a better assessment of their safety performance.
The rollout of these ADAS risk scores is planned to commence in 2021 and will initially focus on European countries.
In the future, the global reinsurance giant plans to integrate other major car brands into the ADAS platform. This will enable the creation of an industry standard that benefits insurers in terms of healthier and better performing portfolios.
Jason Richards, Head Casualty Underwriting Reinsurance at Swiss Re, said: “We’re very pleased to announce the partnership with Toyota Insurance Services through which Swiss Re clients will be able to harness the predictive power of the ADAS risk score to all Toyota’s and Lexus’ passenger vehicles. 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.”
Michael Kainzbauer, Chief Executive Officer (CEO), Toyota Insurance Services, added: “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.”