Movinx is a 50/50 joint venture of
Partners aim to transform and innovate automotive and mobility insurance with fully digital business model and focus on flexible and customer-centric products
Movinx is located in
The automotive industry and the motor insurance sector are undergoing a significant transformation. Rapid developments are taking place on the technological side, such as e-mobility and automated driving or on business model side with the shift from ownership to usage. Insurance needs to evolve to deal with these developments and the challenges they create for pricing and claims handling.
Joint vision: flexible and fully digital automotive and mobility insurance products
With the aim of creating a new business model, Movinx will act as a Managing
Cooperations with further partners possible
The joint venture will be open for cooperations with other stakeholders such as car manufacturers or, more generally, mobility service providers. Future partners will benefit from our co-owned insurance MGA and 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.
Movinx will then partner with locally licensed insurers to deliver its solutions to the end-customers and cover insurance risk. Insurers and other stakeholders can connect to the IT platform and profit from centralised operations and automated processes supported by a combination of machine- and deep-learning technologies. By connecting to the MGA's platform, insurers benefit from not having to build tailored and quickly changing insurance programs.
Movinx will be located in
Cautionary note on forward-looking statements
Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact.
Forward-looking statements typically are identified by words or phrases such as 'anticipate', 'assume', 'believe', 'continue', 'estimate', 'expect', 'foresee', 'intend', 'may increase', 'may fluctuate' and similar expressions, or by future or conditional verbs such as 'will', 'should', 'would' and 'could'. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Group's actual results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects to be materially different from any future results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects expressed or implied by such statements or cause
the frequency, severity and development of insured claim events, particularly natural catastrophes, man-made disasters, pandemics, acts of terrorism and acts of war;
mortality, morbidity and longevity experience;
the cyclicality of the insurance and reinsurance sectors;
instability affecting the global financial system;
deterioration in global economic conditions;
the effect of market conditions, including the global equity and credit markets, and the level and volatility of equity prices, interest rates, credit spreads, currency values and other market indices, on the Group's investment assets;
changes in the Group's investment result as a result of changes in the Group's investment policy or the changed composition of the Group's investment assets, and the impact of the timing of any such changes relative to changes in market conditions;
the Group's ability to maintain sufficient liquidity and access to capital markets, including sufficient liquidity to cover potential recapture of reinsurance agreements, early calls of debt or debt-like arrangements and collateral calls due to actual or perceived deterioration of the Group's financial strength or otherwise;
any inability to realise amounts on sales of securities on the Group's balance sheet equivalent to their values recorded for accounting purposes;
changes in legislation and regulation, and the interpretations thereof by regulators and courts, affecting us or the Group's ceding companies, including as a result of shifts away from multilateral approaches to regulation of global operations;
the outcome of tax audits, the ability to realise tax loss carryforwards, the ability to realise deferred tax assets (including by reason of the mix of earnings in a jurisdiction or deemed change of control), which could negatively impact future earnings, and the overall impact of changes in tax regimes on business models;
failure of the Group's hedging arrangements to be effective;
the lowering or loss of one of the financial strength or other ratings of one or more
uncertainties in estimating reserves;
policy renewal and lapse rates;
uncertainties in estimating future claims for purposes of financial reporting, particularly with respect to large natural catastrophes and certain large man-made losses, as significant uncertainties may be involved in estimating losses from such events and preliminary estimates may be subject to change as new information becomes available;
extraordinary events affecting the Group's clients and other counterparties, such as bankruptcies, liquidations and other credit-related events;
legal actions or regulatory investigations or actions, including those in respect of industry requirements or business conduct rules of general applicability;
changes in accounting standards;
significant investments, acquisitions or dispositions, and any delays, unexpected costs, lower-than expected benefits, or other issues experienced in connection with any such transactions;
changing levels of competition, including from new entrants into the market; and
operational factors, including the efficacy of risk management and other internal procedures in managing the foregoing risks and the ability to manage cybersecurity risks.
These factors are not exhaustive. The Group operates in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements.
This communication is not intended to be a recommendation to buy, sell or hold securities and does not constitute an offer for the sale of, or the solicitation of an offer to buy, securities in any jurisdiction, including
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