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Swiss Re and Chinese tech giant Baidu partner to advance the ecosystem of autonomous driving with risk expertise and insurance innovation

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EQS Group-News: Swiss Re Ltd / Key word(s): Product Launch
19.11.2021 / 08:00

Beijing, 19 November 2021 - Swiss Re has entered into a partnership with Chinese tech giant Baidu to provide risk management expertise and innovative insurance products for Baidu's autonomous driving business.

The partnership between Swiss Re and Baidu aims to further develop the autonomous driving industry and create a new industry paradigm. It allows reinsurers such as Swiss Re to tailor autonomous driving insurance products to meet the needs of technology companies. This partnership will advance risk management research and insurance protection for autonomous vehicles, representing an important step forward in building a comprehensive ecosystem of mobility services.

Russell Higginbotham, CEO Reinsurance Asia & Regional President Asia, said: 'Our partnership with Baidu is a milestone in Swiss Re's efforts to access new risk pools and close the protection gap through Swiss Re's risk management expertise and innovation capabilities. By combining our respective risk knowledge and insights, we hope to jointly explore and develop innovative products and solutions, catalyse the transformation of the autonomous driving value chain and further advance the mobility ecosystem.'

The first focus of this partnership was the launch of autonomous valet parking insurance, the industry's first ever insurance solution for Apollo Valet Parking (AVP) - an automated valet parking product designed by Baidu Apollo. Future collaboration between Swiss Re and Baidu will cover risk management research and insurance innovation for autonomous driving computing platforms, intelligent cockpits, robotaxi (driverless taxis) and other automated driving products.

Autonomous driving poses new challenges to the insurance industry, including rapid technological upgrades, increasingly diversified risks and limitation of data availability. This partnership will develop insurance solutions covering the entire value chain of autonomous driving, including the selection of risk factors, product pricing, claims and underwriting data standards. The solutions will be customised based on Baidu's advanced technology and the data insights brought by Swiss Re and Baidu.

Andrea Keller, Head of Automotive & Mobility Solutions at Swiss Re, said: 'Together with our partner Baidu, we analyse how automated cars perceive their surroundings and how they process that information and respond to it. Our goal is to understand how such vehicles behave differently than human-driven ones and quantify these differences. Ultimately, we aim to bring motor insurance products to the next level of innovation.'

As a leading global reinsurer, Swiss Re has a long history of making forward-looking investments in risk expertise of automous driving. Swiss Re has worked closely with global leading technology companies, OEMs and testing centers to obtain a deeper understanding of vehicle behavior and performance and to build customised insurance products and solutions. Swiss Re strives to provide comprehensive support and services to the mobility ecosystem - from product design, pricing and underwriting to portfolio management and claims.

For further information please contact Swiss Re Media Relations: + 41 (0)43 285 7171 or Media_Relations@Swissre.com.
Please use this link to access the
Swiss Re website.

Swiss Re
The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk - from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

Cautionary note on forward-looking statements
Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Further information on forward looking statements can be found in the Legal Notice section of Swiss Re's website.


End of Media Release

Language:

English

Company:

Swiss Re Ltd

Mythenquai 50/60

8022 Zurich

Switzerland

Phone:

+41 (0) 43 285 71 71

E-mail:

Media_Relations@swissre.com

Internet:

www.swissre.com

ISIN:

CH0126881561

Valor:

12688156

Listed:

SIX Swiss Exchange

EQS News ID:

1250480


 

End of News

EQS Group News Service

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