Toyota Insurance Services to join Swiss Re ADAS risk platform
ADAS risk score was launched by Swiss Re and BMW Group in 2019
Toyota Insurance Services (TIS) and Swiss Re are partnering up to further develop the Swiss Re ADAS risk score. Through this partnership with Toyota Insurance Services (TIS)/Toyota Insurance Management Europe, Swiss Re will extend its ADAS (Advanced Drivers Assistance Systems) risk score to Toyota and Lexus vehicles. As a result, primary insurers will be ready to offer preferential rates to owners of ADAS-equipped Toyota and Lexus cars.
The ADAS risk score was launched by Swiss Re and BMW Group in 2019 with the aim of solving this issue and developing a vehicle-specific insurance rating that primary insurers worldwide can use to calculate insurance premiums, taking safety-relevant driver assistance systems under consideration.
The rollout of those risk scores is planned to start out in 2021 and can initially focus on European countries.
Swiss Re said it intends to integrate other major car brands into the ADAS platform, hoping it can create an industry standard.
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.
Michael Kainzbauer, CEO Toyota Insurance Services
Toyota Insurance Management Solutions is an independent licensed insurance agency and an affiliate of Toyota Financial Services. Nationwide, Safeco, Travelers and National General are among its insurance carrier partners.
