Volvo Financial Services (VFS) has made an undisclosed investment in insurtech startup REIN that offers next generation of connected insurance services to the commercial vehicle sector.

Through the investment, Volvo Financial is looking to deploy connected insurance services to the commercial transport industry.

As a result of the VFS strategic investment in REIN, VFS Innovation Ventures – a newly establish entity within VFS – has joined the REIN investor group.

Following the latest collaboration, VFS and REIN will continue to explore customised data-driven solutions to boost safety.

The partnership will also focus on enhancing the overall insurance experience for Volvo Group customers.

Volvo Group executive vice president Scott Rafkin said: “We recognise that new financial technologies are changing our customers’ priorities and presenting opportunities to improve performance.

“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.”

Both the partners are working to introduce the product in the US in first half of next year. The products will also be rolled out across the global markets in due course.