Luminar Partners With Swiss Re; Launches Insurance Program
February 28 2023 - 1:30PM
Business Wire
Top-Tier global reinsurer is exclusively
partnering with Luminar to advance assisted driving and improve
safety while reducing costs of consumer adoption
Luminar (Nasdaq: LAZR), a leading global automotive technology
company, and Swiss Re, one of the world’s leading providers of
reinsurance, today 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.”
About Luminar
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. From Volvo Cars and Mercedes-Benz for
consumer vehicles and Daimler Trucks for commercial trucks, to tech
partners NVIDIA and Intel’s Mobileye, Luminar is poised to be the
first automotive technology company to enable next-generation
safety and autonomous capabilities for production vehicles. For
more information please visit www.luminartech.com.
Forward-Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “aims,” “believe,” “may,” “will,”
“estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,”
“expect,” “should,” “would,” “forward,” and similar expressions
that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding Swiss Re’s
conclusion of the efficacy of lidar-based crash avoidance, and
successful launch of insurance products that will be desirable and
cost-saving to consumers and that major insurance providers will
choose to launch compared with other offerings. These statements
are based on various assumptions, whether or not identified in this
press release, and on the current expectations of Luminar’s
management and are not predictions of actual performance.
Forward-looking statements are subject to a number of risks and
uncertainties, including changes in insurance market conditions,
regulator approval of rate plans, whether the potential savings and
product will be compelling and understandable enough to cause
consumers to switch carriers, or other risks, that could cause
actual results to differ materially from the forward-looking
statements including the risks discussed under the heading “Risk
Factors” in the Annual Report on Form 10-K filed by Luminar on
March 1, 2022, and other documents Luminar files periodically with
the SEC. You are cautioned not to place undue reliance upon any
forward-looking statements, which speak only as of the date made
and Luminar undertakes no obligation to update any forward-looking
statement to reflect events or circumstances after the date of this
press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20230228005544/en/
Media Relations: Press@luminartech.com
Investor Relations: Trey Campbell
trey.campbell@luminartech.com
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