Based in Germany, Movinx will develop fully digital automotive and mobility insurance products
Swiss Re has launched a new joint venture called Movinx with Daimler Insurance Services. (Credit: Leonardo Finotti/Swiss Re)
Swiss Re has joined forces with Daimler Insurance Services to transform the automotive and mobility insurance business by launching a new joint venture company called Movinx.
Based in Berlin, Germany, Movinx has been established as insurance intermediary and service provider having secured all the required competition clearances.
The 50/50 joint venture will see Swiss Re and Daimler Insurance Services make use of their complementary expertise for developing fully digital automotive and mobility insurance products.
Daimler Insurance Services CEO Ingo Telschow said: “By joining forces with Swiss Re we can lead transformation in an evolving market environment and advance insurance business.
“We will establish a new business model as well as co-create and co-own an insurance platform. This platform enables easy and efficient insurance purchase and customer-centric services by using real-time data.”
Movinx’ insurance products are expected to address the varying requirements of customers, besides offering quality service.
The first insurance products and services of the new company are targeted to be launched next year in France. In the future, the joint venture partners aim to launch Movinx across Europe, in the Americas, and also in Asia.
Swiss Re digital transformation officer Pravina Ladva said: “We believe that partnering with Daimler Insurance Services and establishing Movinx will take us to the next level in innovating mobility insurance.
“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.”
How Movinx will help its partners
Movinx will undertake cooperations with car manufacturers, mobility service providers, and other stakeholders.
By acting as a managing general agent (MGA), it will help in making insurance an integrated part of buying a vehicle.
The new insurance MGA is expected to help its future partners by enabling them to provide white-labelled solutions across the world.
According to Swiss Re, rather than having to deal with various insurers, the manufacturer will have one sparring partner in Movinx across countries.
The new company will partner with domestically licensed insurers for providing its solutions to the end-customers and for covering insurance risk.
By connecting to Movinx’s IT platform, insurers and other stakeholders can benefit from centralised operations and automated processes that are backed by a mix of machine- and deep-learning technologies, said Swiss Re.
The MGA’s platform will remove the burden of building customised and quickly changing insurance programmes for insurers.