Volvo Financial Services has invested in REIN, a insurtech start-up company, to deploy the next generation of connected insurance services to the commercial transport industry.
VFS Innovation Ventures, a newly formed entity within VFS, has joined the REIN investor group through its strategic investment in the company.
Earlier in 2019, REIN showcased its insurtech platform at iLabX, Volvo Financial Services’ ten-week accelerator program designed to provide startups a unique opportunity to develop their solutions in live customer environments.
Now, VFS and REIN will continue to explore customized data-driven solutions that increase safety and improve the overall insurance experience for Volvo Group customers.
“We recognize that new financial technologies are changing our customers’ priorities and presenting opportunities to improve performance,” says Scott Rafkin, Volvo Group EVP and President of VFS. “REIN’s data-focused approach aligns with our commitment to adopting new solutions that reduce total cost of ownership and support driver safety. VFS’ strategic partnership with REIN enables us to co-create the next generation of financial service solutions.”
The companies plan to launch the product in the USA during the first half of 2020, with the aim of a future global offering.