FRANKFURT (Reuters) – Swiss Re
and carmaker Daimler
announced a joint automotive and mobility insurance venture on Monday, seeking to tap into a wealth of new data generated by highly automated vehicles to help insurers to calculate risk.
The reinsurer and Daimler, parent of the Mercedes-Benz passenger car brand, set up Movinx, a Berlin-based intermediary they will co-own equally, the companies said in a statement.
As connected and autonomous cars generate live data about traffic flows, vehicle reflexes and driver behaviour, the companies expect new opportunities will arise to customise automotive and mobility insurance products.
“Even before cars come off the manufacturing line, we know the specific features and how that car would react in an emergency situation and we can provide a score to insurance partners to better underwrite the risk,” said Pravina Ladva, Swiss Re’s digital transformation officer.
Swiss Re already offers to price risk by looking at