Luminar, a global automotive technology company, has partnered with Swiss Re to launch an insurance programme to improve driver safety.
Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs.
The first step of the joint initiative is to analyse and quantify the on-road performance and safety improvements of consumer and commercial vehicles equipped with Luminar’s lidar and proactive safety technologies, for both the industry and Luminar’s new insurance programme it plans to offer.
Luminar said saving lives is its primary goal and it can democratise its technology to help more people by establishing a lower total cost of ownership of their vehicles.
Austin Russell, founder and CEO, Luminar, said, “Reduction in accidents and lives saved with Luminar-equipped vehicles will naturally drive lower cost of car insurance and savings to consumers. Just as the introduction of electric vehicles has reduced the cost of energy to the consumer, Luminar-equipped cars can reduce the cost of insurance. We’re collaborating with Swiss Re in order to accelerate this process and give consumers the economic credit they deserve.”
Russell Higginbotham, CEO Swiss Re Solutions, added, “Swiss Re’s mission is to make the world more resilient, so we’re delighted to partner with Luminar on a project that can make our roads safer,” said “By capturing tech advancements and their impacts on road safety we can deliver more accurate risk models, pricing competitiveness and risk knowledge for Luminar-equipped vehicles to our clients – insurance providers.”
Last year, Swiss Re partnered with InsurTech Jooycar in a bid to boost auto insurance telematics to benefit small and medium-sized fleets in Mexico.
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