The new combined solution will provide insurers with better and more personalized risk assessment, while supporting safer driving behavior. According to the "Global Competitive Analysis with over 200 telematics companies" report released by the consultancy company Ptolemus in October 2018, Swiss Re's Coloride is one of the most technically advanced and sophisticated telematics apps globally. It assigns a 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 behavior, insurers can encourage responsible driving, making roads safer for everyone.
With the new solution, Coloride will provide real-time driver warnings based on Pioneer's map data and 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.
Eric SCHUH, Global Head P&C Solutions at Swiss Re, 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."
Sebastiaan BONGERS, Head of Automotive & Mobility Solutions at Swiss Re, said:
"With Coloride, we already provide one of the highest-ranked telematics apps to our clients, allowing insurers to accurately reflect the driving behavior of their policyholders into their pricing. Moreover, the increased interaction with customers leads to more acquisition and retention, and with Coloride insurers can offer end customers valuable features that help improve safety. Following our clients' demand, through our collaboration with Pioneer, we complement the current offering with instant safety information and hardware-enabled features, like automatic accident detection, first notice of loss and fast claim settlement, as well as advanced claims reconstruction, via a dedicated portal available to insurers."
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 Organization (WHO).
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