The new solution will be integrated into Swiss Re’s Coloride app, assessing a driver’s driving behaviour linked to incentive-based auto insurance
Zürich-based insurance company Swiss Re and automobile electronics company Pioneer have developed a telematics solution that offers insurers a more personalised risk assessment and supports safer driving behaviour.
The new solution will be integrated into Swiss Re’s Coloride app and is expected to be launched globally early next year.
According to the insurance company, Coloride is a technically advanced and sophisticated telematics app which can assign 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 and make roads safer for everyone.
The new solution will enhance Coloride by giving real-time driver warnings
With the addition of the telematics solution, Coloride will offer real-time driver warnings based on Pioneer’s map data and ADAS algorithms. The warnings are expected to help drivers avoid accidents.
Additionally, the new solution can be extended with several devices that collect acceleration data to accurately identify and reconstruct an accident.
Some of those devices also have a manual emergency button so that the driver can call for support after an accident.
Swiss Re P&C solutions global head Eric Schuh 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.”
Pioneer mobility service company data solutions business management group executive officer Seiji Tanezawa 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.”
In August, Swiss Re, through its subsidiary ReAssure Group, agreed to acquire the UK closed book business of Quilter for £425m ($548m). The transaction includes Quilter and its Old Mutual Wealth Life Assurance and its subsidiary Old Mutual Wealth Pensions Trustees and about 300 employees.