Toyota Insurance Services teams up with Swiss Re to improve insurance for autonomous vehicles

Toyota Insurance Services has formed a partnership with Swiss Re to further the development of the Swiss Re ADAS risk score.

The deal will see Toyota and Lexus Vehicle data available for the purpose of insurance scoring. Risk scores will now be available for these vehicles to ensure better assessment of their safety performance and improve insurance policies.

A rollout of this service is planned for 2021 and will focus on European countries.

This move comes after BMW recently formed a similar deal.

Advanced driving assistance systems (ADAS) actively support the driver in avoiding accidents and are becoming more widely used in vehicles. Insurance firms have to understand what ADAS features are installed in a vehicle, their impact on safety and what extent drivers use them.

Swiss Re created its ADAS risk score in partnership with BMW Group in 2019 to build a vehicle-specific insurance rating which could be used by insurers around the world to more accurately create insurance premiums.

Toyota Insurance Services CEO Michael Kainzbauer said, “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.“

Swiss Re hopes to form partnerships with additional car brands in the future.

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