BMW Group: Innovation Lab
L Marks has been running innovation programmes with BMW in the UK, US and Japan since 2016Read more
L Marks partnered with Volvo Financial Services (VFS) to launch iLabX, the company’s flagship innovation lab programme, in October 2018. Our fourth programme in the automotive sector (following two programmes with BMW Financial Services UK and one each with BMW Financial Services North America and BMW Financial Services Japan), iLabX was structured around four innovation challenges: Build an exceptional customer journey; Financing next generation transport solutions; Digital transformation for business excellence; and Wildcard. Sixty finalists attended Pitch Day and of those seven startups were selected for the 10-week programme based at the company’s headquarters in Greensboro, North Carolina. Coming from the US, UK and Germany, the successful startups were: Supermoney; DOVU; Encompass-CX; REIN; Wagonex; Launch Mobility; and e-bot7. These teams developed and tested their solutions alongside VFS’ leading experts from the commercial transport and financial industries, not only driving innovation within the business with technologies including data analytics, blockchain and AI, but instilling an entrepreneurial mindset amongst employees, paving the way for further change.
REIN’s platform enables insurers to quickly and easily engage with digital ecosystems in order to develop cutting-edge Insurtech products tailored to the needs of customers.
REIN joined iLabX under the financing the next generation of transport solutions category, which was designed to address changing customer needs and behaviours in light of new technologies, such as connectivity and automation.The team’s main objective during the programme was to leverage the REIN platform in developing a proof of concept for an intuitive, data-oriented platform that could improve the insurance experience of Volvo and Mack customers. REIN’s data team also worked to analyse data from a range of sources, including Volvo telematics, in order to identify trends that could inform the insurance underwriting process.
The REIN team successfully developed their platform during iLabX and was able to identify clear customer journeys for the insurance purchase and renewal process. They were similarly able to identify and develop opportunities for up-selling, which would provide VFS with additional revenue. Following the end of the programme, REIN secured a contract with VFS and also received significant investment from VFS Ventures for their Series A funding round. REIN have been working with VFS with a view to rolling out the new product in the second half of 2020. The team will launch in four US states initially, ahead of the full US rollout and the global rollout due to complete by the end of 2020. Alongside, the team will launch the OEM connected insurance products with Mack trucks.
In February 2021, Volvo Financial Services announced its partnership with REIN to launch a first-of-its-kind integrated digital insurance to its US customers.