Swiss Re and Tokyo-based car electronics company Pioneer Corp. have co-developed a telematics solution that provides insurers with more personalized risk assessment, thereby supporting safer driving behavior.
The telematics solution will be integrated in Swiss Re’s “Coloride”app and is set to be launched globally early next year.“With Coloride, we already provide one of the highest-ranked telematics apps to our clients, allowing insurers to accurately reflect the driving behavior of their policyholders into their pricing,” said Sebastiaan Bongers, head of Automotive & Mobility Solutions at Swiss Re.
“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,” he added.
The new telematics solution provides “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,” Bongers added.
Coloride assigns a risk score to each driver that an insurer can use to calculate the usage-based insurance premium, said Swiss Re. By offering a financial incentive to cautious drivers and flagging risky behavior, 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 Advanced Driver Assistance System (ADAS) algorithms. Swiss Re said that such warnings help drivers avoid accidents.
In addition, 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.Road traffic accidents kill 1.2 million people every year, costing economies between 1% to 3% of their gross national product, said Swiss Re, quoting statistics from the World Health Organisation (WHO).
“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,” said Eric Schuh, global head P&C Solutions at Swiss Re. “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.”