Swiss Re partners with Pioneer to enhance end-to-end telematics solution
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Swiss Re partnered with Pioneer, the global car electronics company, to jointly develop an innovative telematics solution that offers insurers a better and more personalised risk assessment, while also encouraging safer driving behaviour. The new solution will be integrated into Coloride, Swiss Re’s first telematics-based product and is set to be launched globally early next year.
Swiss Re's Coloride uses a phone app to identify risky manoeuvres, speeding habits and other hazardous driving styles. It then assigns drivers a risk score that insurers can use to calculate usage-based insurance (UBI) premiums. Users are attracted to the app's comprehensive features, its innovative and engaging interface as well as the value-added services it delivers. By offering financial incentives to cautious drivers, flagging risky behaviour and suggesting ways to improve one's risk score, insurers encourage responsible driving and make roads safer for everyone.
Coloride is one of the most technically advanced and sophisticated telematics apps globally, according to consulting group Ptolemus' Global Competitive Analysis 2018 that rates over 200 telematics companies. It has been deployed in more than 20 different countries to date and enables Pay-As-You-Drive or Pay-How-You-Drive products.
A dedicated data-analytics and scoring team composed of data scientists and motor actuaries supports Swiss Re's clients in translating identified driving habits and behaviours into tangible insights to drive risk segmentation. This collaborative approach with clients' actuaries and underwriters exploits the full potential of the collected data.
As a result of the partnership with Pioneer, Swiss Re's telematics suite will now include claims-related services as well, including crash detection. Coloride will provide real-time driver warnings based on Pioneer's map data and Advanced Driver Assistance Systems (ADAS) algorithms. These warnings help drivers to avoid accidents. Additionally, 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.
Riccardo Ricci, Swiss Re's Senior Automotive Solutions Manager for Israel said: "Telematics is gathering momentum in the Israeli market with the development of Pay-As-You-Drive solutions (pay per km). We aim to support our clients in this transformation as well as the next phase with 'Pay-How-You-Drive' offerings. Road traffic accidents kill 1.2 million people every year, costing economies between 1% - 3% of their gross national product, according to estimates of the World Health Organisation (WHO). Swiss Re is fully committed to broaden its footprint with clients in order to make roads safer."