Swiss Re and Pioneer to launch innovative telematics solution for insurers
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- Swiss Re and Pioneer have co-developed first-of-its-kind telematics solution, to be included in Swiss Re's telematics suite
- Thanks to this partnership, Swiss Re's telematics suite will include real-time driver warnings and claims-related services, including crash detection
- The innovative solution will be launched early next year, following market demand
- Swiss Re's telematics app Coloride is already one of the most technically advanced and sophisticated telematics apps globally; the new addition is set to further increase value 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 is one of the most technically advanced and sophisticated telematics apps globally1. It assigns a risk score to each driver that an insurer can use 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."
Sebastiaan Bongers, Head of Automotive & Mobility Solutions at Swiss Re, said: "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."
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."
1 Source: Ptolemus October 2018 – Global Competitive Analysis with over 200 telematics companies
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally. It is organised into three Business Units, each with a distinct strategy and set of objectives contributing to the Group’s overall mission.
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