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Volvo Financial Services Invests in Insurtech for Commercial Vehicle Sector

December 17, 2019, 07:31 AM
Filed Under: Industry News

Volvo Financial Services has invested in REIN, a leading insurtech startup, 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 this year, REIN showcased its insurtech platform at iLabX, Volvo Financial Services’ 10-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,” said Scott Rafkin, Volvo Group Executive Vice President 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.”

“We are excited to add Volvo to our investor group,” said Steve Rabbitt, Co-Founder and President at REIN. “Having VFS at the table will be invaluable as we continue to bring insurtech solutions to the commercial vehicle sector.”

The companies plan to launch the product in the USA during the first half of 2020, with the aim of a future global offering.

The transaction has no significant impact on the Volvo Group’s earnings or financial position.

Volvo Financial Services is the global captive finance arm of the Volvo Group. Volvo Financial Services was formed in 2001 and is headquartered in Greensboro, NC.

REIN creates collaborative insurance programs between carriers and data-driven ecosystems. Through its configurable insurtech platform, REIN enables rapid program deployment while improving risk analysis. REIN empowers insurers and ecosystems to better engage their customers by offering embedded insurance products where they are, when they need it.

Founded in 2015, REIN has offices in Chapel Hill, NC, Maynard, MA and Halifax, NS. Following its latest Series A funding round, REIN has raised $14.3M from Volvo Financial Services, Liberty Mutual Strategic Ventures, Plug and Play Ventures, Kiplin Capital and family office investors.

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