(Image source: REIN homepage.)
Volvo Financial Services (VFS; Greensboro, N.C.) has invested in InsurTech start-up REIN (Chapel Hill, N.C.) to develop and deploy next-generation of connected insurance services to the commercial transport industry, according to a REIN statement. 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’ ten-week accelerator program designed to provide startups a unique opportunity to develop their solutions in live customer environments. Subsequently VFS and REIN agreed to continue to explore customized data-driven solutions that increase safety and improve the overall insurance experience for Volvo Group customers.
Lower TCO, Improved Driver Safety
“We recognize that new financial technologies are changing our customers’ priorities and presenting opportunities to improve performance,” comments 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.”
“We are excited to add Volvo to our investor group,” comments Steve Rabbitt, Co-Founder and President, 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 a product in the U.S. during the first half of 2020, with the aim of a future global offering.