CHAPEL HILL – REIN, an insurtech startup company based out of Chapel Hill, has just secured the backing of a major auto giant.
Volvo Financial Services has invested in REIN to deploy the next generation of connected insurance services to the commercial transport industry. VFS Innovation Ventures, a newly formed entity within VFS, has joined the REIN investor group through its strategic investment in the company, the company recently announced.
Its CEO Christopher Dean is a familiar name in the Triangle. He served for seven years as co-founder and president of Raleigh drone technology firm PrecisionHawk.
Earlier this year, REIN showcased its insurtech platform at iLabX, Volvo Financial Services’ ten-week accelerator program designed to provide startups a unique opportunity to develop their solutions in live customer environments. Now, VFS and REIN will continue 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,” says Scott Rafkin, Volvo Group EVP and President of VFS, in a statement. “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.”
“We are excited to add Volvo to our investor group,” says Steve Rabbitt, co-founder and president at REIN, in a statement. “Having VFS at the table will be invaluable as we continue to bring insurtech solutions to the commercial vehicle sector.”
The companies plan to launch the product in the USA during the first half of 2020, with the aim of a future global offering.
Founded in 2015, REIN is an insurtech company creating new, custom-made insurance technology products around the emerging risks in mobility, robotics and online ecosystems.
It has offices in Chapel Hill, NC, Maynard, MA and Halifax, NS. Following its latest Series A funding round, REIN has raised $14.3M from Volvo Financial Services, Liberty Mutual Strategic Ventures, Plug and Play Ventures, Kiplin Capital and family office investors. In 2019, REIN was admitted to the global Insurtech100 list.