Volvo Financial Services invests in insurtech for the commercial vehicle sector12/16/19
Volvo Financial Services has invested in REIN, a leading 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 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. 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.”
“We are excited to add Volvo to our investor group,” says 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.
About Volvo Financial Services
Volvo Financial Services is the global captive finance arm of the Volvo Group. The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. Volvo Financial Services was formed in 2001 and is headquartered in Greensboro, North Carolina, USA. The company manages a gross credit portfolio of SEK 173 billion, employs over 1,500 people worldwide, and provides customer financing in 48 countries.
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. In 2019, REIN was admitted to the global Insurtech100 list. Learn more about REIN at https://www.rein.ai/ or follow @REINinsurtech on Twitter.
For questions, an interview or photo, please contact:
Volvo Financial Services
7025 Albert Pick Road, Suite 105
Greensboro, NC 27402-6131
Telephone: +1 336-931-4293
Mobile: +1 336-420-7617