Both shareholders of the 50/50 joint venture will leverage their complementary expertise to establish a new business model. The aim is to develop fully digital automotive and mobility insurance products that both fulfill changing customer needs and offer best-in-class service quality. MOVINX has received all necessary competition clearances.
Movinx will be located in Berlin and is set to expand quickly, as Swiss Re mentioned in a statement. 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:
"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."
Ingo Telschow, CEO 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."