Bermudian (re)insurer SiriusPoint is investing in the autonomous vehicle sector through a strategic partnership with Managing General Agent (MGA) Avinew.
Avinew, which was set up in 2016, is an underwriting platform focusing on semi-autonomous and autonomous motor usage.
The insurance product covers AI-enabled vehicles and claims it is plugging a knowledge gap in the market caused by a lack of ability to understand and track autonomous automobile usage.
“Avinew has the potential to be a disruptive force in the automotive insurance market and for us, represents meaningful strategic value,” said Darryl Siry, CTO at SiriusPoint.
“The autonomous revolution has already begun as one in three new cars sold will soon have Level 2 plus autonomous driving capability which amounts to over six million vehicles in the US market by 2024. We are delighted to be part of that revolution through our partnership with Avinew.”
SiriusPoint will offer fronting services, reinsurance, and strategic advice to Avinew, and the investment will allow Avinew to grow its product offering and develop its technology to gain market share.
“Avinew understands the need for cooperation between insurers and the Original Equipment Manufacturers (OEMs),” said Josh Curry, head of North America Distribution, SiriusPoint.
“Avinew is embedding the insurance underwriting, pricing, and overall insurance customer experience directly with the OEMs. This collaboration allows for an insurance program that is seamless at digital point-of-sale and directly tailored to the specifics of the manufactured vehicle, its safety features, target market demographics and the parts and repair journey.”