BMW Group and Swiss Re develop ground-breaking car insurance concept

Munich. The BMW Group and Swiss Re, one of the
world’s largest reinsurance companies, are working together to develop
a vehicle-specific insurance rating that primary insurers worldwide
can use to calculate car insurance premiums: The innovative assessment
system takes integration of safety-relevant driver assistance systems
into account.

 

The automotive sector is in a period of transition. On the road to
autonomous driving, more and more safety-relevant driver assistance
systems are finding their way into BMW Group vehicles. In some cases,
these actively intervene in vehicle control and increase vehicle
safety. However, safety-relevant driver assistance systems are
currently only considered to a limited extent in calculating insurance
premiums. Auto insurance ratings are generally based on criteria such
as the driver’s age or a vehicle’s horsepower. This will now open up
new possibilities for customers and primary insurers.

 

With the BMW Group’s technical know-how and Swiss Re’s expertise as a
reinsurer, an algorithm has been developed that is capable of
representing the complex effects of driver assistance systems on the
safety of BMW vehicles as a score. This score facilitates calculation
of an individual vehicle-specific insurance premium.

 

“At the BMW Group, we are always focused on the customer. For this
reason, we have developed a solution, together with Swiss Re, that
will enable primary insurers to calculate premiums based on an
individual assessment of a vehicle’s technical features,” explains
Thomas Wittig, head of BMW Group Financial Services. “Our customers
will benefit twice: from the added safety and convenience of
intelligent assistance systems and from a possible reduction in their
insurance payments.”

 

Moses Ojeisekhoba, Chief Executive Officer Reinsurance, Swiss Re:
“The automotive landscape is changing and we at Swiss Re want to drive
innovation in the motor insurance sector. We are delighted that the
BMW Group has chosen to be our partner. To continually assess all
individual OEM’s safety features and their effect on accident
frequencies and severities is difficult and burdensome for insurers.
By combining our strengths, we have jointly developed the ADAS Risk
Score, which will assist in the risk assessment of increasingly
automated vehicles and help our clients develop their product suite.”

 

 

If you have any questions. please contact:

 

BMW Group Corporate Communications

 

Renate Heim

Business and Finance Communications

Telephone: +49 89 382 21615
Email:julian.hetzenecker@bmw.de
Renate.Heim@bmw.de

 

 

Glenn Schmidt

Head of Business and Finance Communications

Telephone: +49 89 382 24544
Email: Glenn.Schmidt@bmw.de

 

 

 

 

The BMW Group

 

With its four brands BMW, MINI, Rolls-Royce and BMW Motorrad, the BMW
Group is the world’s leading premium manufacturer of automobiles and
motorcycles and also provides premium financial and mobility services.
The BMW Group production network comprises 30 production and assembly
facilities in 14 countries; the company has a global sales network in
more than 140 countries.

In 2017, the BMW Group sold over 2,463,500 passenger vehicles and
more than 164,000 motorcycles worldwide. The profit before tax in the
financial year 2017 was € 10.655 billion on revenues amounting to
€ 98.678 billion. As of 31 December 2017, the BMW Group had a
workforce of 129,932 employees.

The success of the BMW Group has always been based on long-term
thinking and responsible action. The company has therefore established
ecological and social sustainability throughout the value chain,
comprehensive product responsibility and a clear commitment to
conserving resources as an integral part of its strategy.

 

 

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