“Movinx” will offer solutions for a sector being disrupted by technology and changing mobility service models
Swiss Re and Daimler Insurance Services have launched a new company - Movinx - with an aim to develop fully digital automotive and mobility insurance products that both fulfill changing customer needs and offer best-in-class service quality.
The automotive industry and the motor insurance sector are undergoing a significant transformation. Rapid developments are taking place on the technological side, such as e-mobility and automated driving or on business model side with the shift from ownership to usage. Insurance needs to evolve to deal with these developments and the challenges they create for pricing and claims handling.
The joint venture will be open for cooperation with other stakeholders such as car manufacturers or, more generally, mobility service providers. Future partners will be able to offer white-labeled solutions globally.
Sebastiaan Bongers, head Mobility Ventures at Swiss Re, and Andreas Roth, head Digital Insurance Model at Daimler Insurance Services, will lead the new company. Offices opened in Berlin in October.
The first insurance products and services are planned to launch in France in 2021. In the coming years, further market entries are planned across Europe, in the Americas, and in Asia.
Pravina Ladva, Swiss Re’s digital transformation officer, said: ”Our joint long-term ambition is to unlock an ecosystem interplay where insurance supports the introduction of new technologies such as advanced driving assistance systems and autonomous cars as well as new business models in the mobility area.”