Lidar maker Luminar Technologies used its first investor day as an opportunity to position itself as more than a company supplying autonomous driving technology to clients such as Mercedes-Benz, Volvo, Polestar and Daimler Truck Group.
At its Orlando, Fla., headquarters last week, Luminar executives explained their rebranded semiconductor business; unveiled a new line of automotive sensors, strategic acquisitions, and partnerships; and announced the company's entry into insurance, a business not typically associated with automotive technology companies.
They said Luminar will book at least $1 billion in new business in 2023.
Among many endeavors, Luminar is partnering with Swiss Re, one of the world's largest reinsurance companies, to launch an insurance program.
Company executives believe Luminar's exclusive partnership with Swiss Re will accelerate the widespread adoption and standardization of the company's lidar products. Luminar wants to quantify the on-road safety improvements of vehicles equipped with its lidar and how that affects vehicle insurance rates.