Swiss Re Set To Boost Baidu's Autonomous Driving Business

Switzerland-based Reinsurer Swiss Reinsurance Company Ltd. (SSREY.PK) or Swiss Re Ltd., on Friday said it signed a partnership with Baidu Inc. (BAIDU), to provide risk management expertise and innovative insurance products for Chinese firm's autonomous driving business.

Russell Higginbotham, CEO of Reinsurance Asia and 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."

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 customized based on Baidu's advanced technology and the data insights brought by Swiss Re and Baidu, the Swiss company said in a statement.

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