Insurtech REIN powers new integrated insurance programme
REIN, one of seven startups to join L Marks and Volvo Financial Services’ VFSiLabX in October 2018, has partnered with VFS, the financing arm of Volvo Group, to launch an integrated insurance programme for customers of Volvo Trucks.
With insurance premiums currently ranking among the top 10 costs for operating a truck, the new programme aims to alleviate customer expenses by taking a data-driven approach to streamlining purchasing, risk assessment and risk mitigation.
REIN’s AI-enabled platform ingests data supplied by customers completing a financing application and then uses it to generate quotes from participating carriers. The digital platform, accessible via desktop and mobile devices, will enable customers to access insurance options, initiate claims and handle other insurance-related needs.
Now in the final phases of piloting, the programme will be rolled out across the US later in 2021. Soon after it will launch in select international markets throughout the approximately 50-country VFS footprint.
The integrated insurance offering stemmed from REIN’s participation in VFSiLabX, the L Marks insurance Innovation Lab that ran in Greensboro, North Carolina in 2018/2019. 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.