Swiss Re and Daimler launch mobility MGA Movinx
Swiss Re and Daimler Insurance Services have launched a 50/50 joint venture Movinx to develop digital automotive and mobility insurance products. The Berlin-based company plans to launch its first product in France in 2021.
“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.” – Pravina Ladva, Swiss Re’s Digital Transformation Officer.
“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 .” – Ingo Telschow, CEO Daimler Insurance Services.
Movinx will act as a Managing General Agent (MGA) focusing on an embedded mobility and insurance customer journey – making insurance an integrated part of the vehicle purchase. It will partner with other stakeholders such as car manufacturers or, more generally, mobility service providers. According to a statement made by the company, partners will be able to offer white-labeled solutions globally – “instead of having to deal with many insurers, the manufacturer has one sparring partner, Movinx, across countries.”
The news follows CSAA Insurance Group’s launch of Mobilitas Insurance Company, an insurer focused on creating custom-built insurance solutions for the sharing economy and mobility sectors.