New developments in Swiss Re’s ADAS Risk Score and how it impacts insurance claims

New developments in Swiss Re’s ADAS Risk Score and how it impacts insurance claims

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 21 Jul, 2021

Connected Vehicle

At DIA Prime Time Swiss Re’s Automotive and Mobility Solutions team presented their ADAS (Advanced Driver Assistance System) Risk Score – and how this supports insurers, mobility providers and OEMS. Now, 6 months later, we sat down with Luigi Di Lillo, who leads Products and Partnerships for Swiss Re’s Automotive and Mobility Solutions, to talk about the latest developments in the ADAS Risk Score and the impact on insurance claims.

Roger: Swiss Re's technology-enabled solutions are revolutionizing mobility insurance with products like ADAS Risk Score. What exactly is ADAS Risk Score? How did this idea come about?
Luigi: "The first version of the ADAS Risk Score was developed and released in 2019, in collaboration with the BMW Group. Since then, we've continued to invest in the concept, adding new features and capabilities as new technologies become available. The initial idea was quite simple: we wanted to translate the impact of car safety technologies into insurance terms. Our goal was to generate higher adoption rates of safety technologies by broadening user's knowledge of how safety systems work – which in turn should contribute to better road safety.

Our second major breakthrough came in September 2020 with Toyota Insurance Services joining the ADAS Risk Score platform.  As part of this partnership, Toyota and Lexus vehicle data has been integrated into our insurance scoring. Moreover, Swiss Re has recently tested and validated the development of its non-VIN-based scoring system, which is available worldwide for all vehicle brands. The ADAS Risk Score has received positive feedback from insurers in the EU and APAC regions due to the added value that this new risk factor has delivered to their customers."

Roger: What impact do the features of ADAS have on insurance claims?
Luigi: "It's difficult to summarise the quantitative impact of ADAS features on road safety and insurance claims in one or two numbers. It’s a complex question, but broadly speaking, there are two main factors we look at:

First, the performance of the safety technology fitted on the vehicle: different generations of the same ADAS feature can deliver varying results even within a specific car brand. Figure 1 illustrates the reported difference we've observed in the impact that two generations of the same ADAS feature have had on the insurance risk premium. They were sold by the same manufacturer, under the same commercial name, and priced in the same way by the insurer in a European country. The ADAS feature assessed was an AEB system that recognises pedestrians, including stationary ones, and automatically triggers the vehicle's brakes to prevent or reduce impact. The first generation of this ADAS feature correlated with a 10% reduction to the technical risk premium, while the second generation proved to be much more effective, correlated with nearly a 40% reduction of the technical risk premium. This improvement stems from the fact that the newer version of the AEB is based on a more advanced camera technology and activation logic. Active in a wider speed range, it combines an internal logic leading to sharper braking and faster speed reduction in an emergency. Such granular assessment is only possible thanks to the sharing of ">

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