With the advent of autonomous driving, Swiss Re has partnered with Chinese tech giant Baidu to deliver risk management and novel insurance solutions.
Swiss Re and Baidu’s alliance intends to advance the autonomous driving business and create a new industrial paradigm. It enables reinsurers like Swiss Re to customise autonomous driving insurance solutions to tech businesses’ needs. This collaboration will increase risk management and insurance protection for autonomous vehicles, paving the way for a full mobility ecosystem.
“Our relationship with Baidu is a milestone in Swiss Re’s efforts to access new risk pools and close the protection gap,” said Russell Higginbotham, CEO Reinsurance Asia & Regional President Asia. We intend to collectively investigate and develop breakthrough goods and solutions, revolutionize the autonomous driving value chain, and enhance the mobility ecosystem.“
This relationship began with the debut of Apollo Valet Parking (AVP) — an automated valet parking device built by Baidu Apollo. These projects include autonomous driving computing platforms, intelligent cockpits, robotaxis (driverless taxis), and other automated driving solutions.
Rapid technological advancements, diversified risks and data availability limit the industry’s capacity to insure autonomous driving. This alliance will develop insurance solutions for autonomous driving across the full value chain, from risk factor selection to claims and underwriting data standards. The solutions will be tailored using Baidu’s superior technology and Swiss Re’s data insights.
“With our partner Baidu, we study how automated cars sense their environment, process information, and respond to it,” said Andrea Keller, Head of Automotive & Mobility Solutions at Swiss Re. Our goal is to measure how these cars act differently than human-driven vehicles. Ultimately, we want to innovate auto insurance products.“
Swiss Re, a renowned global reinsurer, has long invested in risk understanding of autonomous driving. Swiss Re has worked closely with global leading technology companies, OEMs, and testing centers to better understand vehicle behavior and performance. Swiss Re wants to assist the mobility ecosystem holistically, from product creation, pricing, and underwriting to portfolio administration and claims.