Daimler launches new mobility insurance business

Daimler has signed a strategic partnership with reinsurer Swiss Re to deliver automotive and mobility insurance from a new company they’ve called Movinx.

Their business model is to develop fully digital automotive and mobility insurance products that, as they put it, “both fulfil changing customer needs and offer best-in-class service quality.”

They say their new platform enables easy and efficient insurance purchase and customer-centric services by using real time data.

SwissRe say they hope to go to the next level in innovating mobility insurance, with a long-term ambition 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.”

The companies say that 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,” they explain.

Their focus is to offer flexible and fully digital products. Movinx enables the introduction of new insurance propositions efficiently across a range of markets, e.g. with the underlying technology platform.

Sebastiaan Bongers, Head Mobility Ventures at Swiss Re, and Andreas Roth, Head Digital Insurance Model at Daimler Insurance Services, will lead the new Berlin-based company. The first insurance products and services are planned to launch in France in 2021 with plans to expand across Europe the Americas and Asia.

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