BMW and Swiss Re partner for better underwriting
As more driver assistance systems are integrated into BMW cars – with some that can actively intervene in vehicle control and increase vehicle safety, Swiss Re and BMW Group announced a partnership to develop an auto insurance rating that will allow insurers to calculate premiums, while taking into consideration specific driver assistance systems. Combining BMW Group’s technical know-how and Swiss Re’s expertise as a reinsurer, the two companies have developed an algorithm that is capable of representing the complex effects of driver assistance systems on the safety of BMW vehicles as a score.
“At the BMW Group, we are always focused on the customer. For this reason, we have developed a solution, together with Swiss Re, that will enable primary insurers to calculate premiums based on an individual assessment of a vehicle’s technical features. Our customers will benefit twice: from the added safety and convenience of intelligent assistance systems and from a possible reduction in their insurance payments.” – Head of BMW Group Financial Services, Thomas Wittig.
“The automotive landscape is changing and we at Swiss Re want to drive innovation in the motor insurance sector. We are delighted that the BMW Group has chosen to be our partner . To continually assess all individual OEM’s safety features and their effect on accident frequencies and severities is difficult and burdensome for insurers. By combining our strengths, we have jointly developed the ADAS Risk Score, which will assist in the risk assessment of increasingly automated vehicles and help our clients develop their product suite.” – CEO Reinsurance at Swiss Re, Moses Ojeisekhoba.