By Joshua Kirby
Swiss Re AG said Monday that it has created an auto-insurance joint venture with Daimler Insurance Services, part of auto manufacturer Daimler AG.
The Swiss reinsurer said the fifty-fifty joint venture--called Movinx--will offer fully digital automotive and mobility insurance products, and that its business model will involve making insurance an integrated part of buying a vehicle.
The company said it has received all necessary competition clearances, adding that it will be open to cooperation with other auto manufacturers and mobility-service providers.
Sebastiaan Bongers, head of mobility ventures at Swiss Re, and Andreas Roth, head of digital insurance models at Daimler Insurance Services, will lead the new company, Swiss Re said.
Movinx will be based in Berlin, and its first products and services will be launched in France in 2021, with entry into markets in Europe, the Americas and Asia planned for the coming years, it added.
"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," said Pravina Ladva, Swiss Re's digital transformation officer.
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(END) Dow Jones Newswires