Volvo Financial Services has invested in REIN, a start-up insurance company that provides connected insurance services to the commercial transportation industry.
The investment was made through VFS Innovation Ventures, a newly-formed entity within Volvo Financial Services. Last year, REIN showcased its insurtech platform to Volvo Financial Services during an accelerator program aimed at giving start-ups the ability to develop their solutions in live customer environments.
“We recognize that new financial technologies are changing our customers’ priorities and presenting opportunities to improve performance,” says Scott Rafkin, president of Volvo Financial Services. “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.”
The companies plan to launch the product in the U.S. during the first half of 2020, with a global launch to follow.