Luminar (Nasdaq: LAZR), a leading global automotive technology company, and Swiss Re, one of the world’s leading providers of reinsurance, have announced a new exclusive partnership.
The first step of the joint initiative is to analyze 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 program it plans to offer. Saving lives is our primary goal and we can democratize our technology to help more people by establishing a lower total cost of ownership of their vehicles.
The objective of this testing is to validate accident prevention capabilities that we expect will substantially reduce insurance claims, which has the opportunity to lead to substantial reduction in cost of insurance for consumers that drive Luminar-equipped vehicles. Swiss Re will collaborate exclusively with Luminar as part of this initiative. This data collected and analyzed by Swiss Re will be distributed to Luminar as well as made available to Swiss Re’s clients that include major insurance providers across the globe.
“Reduction in accidents and lives saved with Luminar-equipped vehicles will naturally drive lower cost of car insurance and savings to consumers,” said Austin Russell, Founder and CEO, Luminar. “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.”
Luminar is launching its own insurance initiative in parallel headed by Alex Tsetsenekos, whose team successfully led the creation and deployment of Tesla’s insurance program. Luminar Insurance is expected to be available to consumers of production vehicle models equipped with Luminar beginning in the US next year, with the opportunity to provide substantial discounts to consumers while also capturing the safety savings.
“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 Russell Higginbotham, CEO Swiss Re Solutions. “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.”