Global reinsurance giant Swiss Re and Chinese tech giant Baidu have teamed up to advance insurance and risk management for autonomous driving and autonomous vehicles.
The companies announced this morning that Swiss Re will work with the tech company to provide risk management expertise and innovative insurance products for Baidu’s autonomous driving business.
The goal is to further develop the autonomous driving industry and create a new industry paradigm for insurance protection.
This should allow reinsurers, such as Swiss Re, to create and adapt autonomous driving insurance products to meet the needs of technology companies, such as Baidu.
This is an important step forward in building a comprehensive ecosystem of mobility services, which should advance research on risk management and insurance protection for autonomous vehicles.
Russell Higginbotham, CEO Reinsurance Asia & Regional President Asia, commented: âOur partnership with Baidu is an important step in Swiss Re’s efforts to access new risk pools and bridge the protection gap through expertise in risk management and innovation capabilities of Swiss Re. By combining our respective knowledge and ideas on risk, we hope to jointly explore and develop innovative products and solutions, catalyze the transformation of the autonomous driving value chain and further advance the mobility ecosystem.
Initially, the partnership is focused on launching Autonomous Valet Parking Insurance, the industry’s first insurance solution for Apollo Valet Parking (AVP), which is an automated valet parking product designed by Baidu Apollo.
Next, the partnership will seek to focus on risk management research and insurance innovation for autonomous driving computing platforms, smart cockpits, robotaxi (driverless taxis) and other products. automated driving.
Andrea Keller, Head of Automotive & Mobility Solutions at Swiss Re, explained: âTogether with our partner Baidu, we analyze how automated cars perceive their environment and how they process and react to this information. Our goal is to understand how these vehicles behave differently from human powered vehicles and to quantify these differences. Ultimately, we aim to take auto insurance products to the next level of innovation. â