The insurance arm of one of the biggest names in car manufacturing is teaming up with a reinsurance giant.
Toyota Insurance Services is joining the Swiss Re ADAS (advanced driving assistance system) risk platform. The idea is that by following in the footsteps of BMW Group on the platform, the company will make vehicle data from Toyota and Lexus available for the purpose of insurance scoring.
With cars inching ever closer towards becoming completely autonomous, questions remain as to the extent that forms of ADAS support the driver in avoiding accidents. This presents challenges for insurers who need to establish to what level these systems are being used by drivers, and the impact they are having on car safety. To address this, Swiss Re launched its risk score in 2019 – and now, through the deal with Toyota and Lexus, it hopes to further advance safety performance assessments.
“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’s passenger vehicles,” said head of casualty underwriting reinsurance at Swiss Re, Jason Richards. “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.”
Meanwhile Michael Kainzbauer, CEO Toyota Insurance Services, noted that the firm has always aimed to use data on repairs and telematics to improve safety performance.
“This partnership with Swiss Re takes that mission a step further, enabling our customers to benefit from optimized 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,” he said.