Luminar partners with Swiss Re to launch insurance program

Luminar (LAZR) and Swiss Re (SSREY), a provider of reinsurance, 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," the companies stated.