Swiss Re and BMW to jointly develop a new car insurance rating
Swiss Re and the BMW Group will jointly develop a new car insurance rating concept called the ADAS risk score to help insurers better price their motor insurance products for vehicles equipped with advanced driving assistance systems (ADAS). The new car insurance rating concept will take integration of safety-relevant driver assistance systems into account, said the BMW Group.
The ADAS risk score is set to be launched in 2019 and will be a vehicle-specific insurance rating.
For this rating, Swiss Re and BMW will develop an algorithm that can represent the complex effects of ADAS on the safety of BMW vehicles as a score. Based on the score, an individual vehicle-specific insurance premium can be calculated, said the partners.
Swiss Re plans to make the ADAS risk score available on an online platform and expects the new car insurance rating concept to benefit the underwriting and portfolio management of insurers.
