Daimler Insurance Services and Swiss Re have collaborated to launch an automotive and mobility insurance business, called Movinx.
The aim of the 50-50 joint venture is to develop fully digital automotive and mobility insurance products more suited to changing consumer needs. The two companies acknowledged the significant transformation of the automotive industry and the rapid developments in technology, stating that insurance must evolve with these developments and the challenges they create for pricing and claims handling.
Insurance will form an integrated part of the vehicle purchase, with Movinx acting as the managing general agent (MGA). Instead of today’s short-term oriented partnerships between car manufacturers and various insurers, Movinx enables the introduction of new insurance propositions efficiently across a range of markets, e.g. with the underlying technology platform.
The joint venture will be open for cooperations with other stakeholders such as car manufacturers or mobility service providers. Instead of having to deal with many insurers, the manufacturer would have one partner, Movinx, across countries.
Ingo Telschow, chief executive of Daimler Insurance Services, 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. Furthermore, we as Daimler Insurance Services are going deeper into the value chain of insurance business, having more influence on product development and pricing.”
Pravina Ladva, Swiss Re’s digital transformation officer, added: “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.”
Movinx has received all necessary competition clearances.