- Volvo Financial Services (VFS) announced it is investing in insurance technology company REIN
Volvo Financial Services (VFS) — the global captive finance arm of automaker giant Volvo — announced it invested in insurance technology company REIN. REIN is known for developing a configurable platform that allows insurance carriers to deploy their solutions and programs.
This enables REIN to select risk, price risk, and distribute products. Plus the platform can be used to launch connected insurance services for the commercial transport industry.
Volvo’s investment in REIN is part of a $14.3 million Series A round. Liberty Mutual Strategic Ventures, Plug and Play Ventures, Kiplin Capital, and several family office investors also joined the round.
As part of the collaboration, Volvo is hoping 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,” said Volvo Group EVP and VFS president Scott Rafkin. “REIN’s data-focused approach aligns with our commitment to adopting new solutions that reduce total cost of ownership and support driver safety.”
Rafkin also pointed out that VFS’s strategic partnership with REIN allows enables both to create the “next generation of financial service solutions.” The companies are going to launch a product together in the US in the first half of 2020 followed by a global later on.
“We are excited to add Volvo to our investor group,” added REIN co-founder and president Steve Rabbitt. “Having VFS at the table will be invaluable as we continue to bring insurtech solutions to the commercial vehicle sector.”
