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December 20, 2019

Volvo Financial makes investment in insurtech REIN

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.

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by GlobalData
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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.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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