Liberty-backed insurtech REIN secures $7.3m; launches drone coverage
Insurtech firm REIN has raised $7.3 million in venture funding and unveiled its first digital product for commercial drone operators, underwritten through Liberty Specialty Markets (LSM).
The capital was secured from investors including Liberty Mutual Strategic Ventures, Kiplin Capital.
REIN offers custom-made insurance technology products around the emerging risks in mobility, robotics and online ecosystems. Its flexible and data-driven platform is designed to create usage-based insurance (UBI) products.
"REIN was constructed to unlock new, next-generation insurance product opportunities," said REIN CEO Christopher Dean. "Our platform fills a gap by providing a toolset needed to better understand and deliver insurance solutions to our increasingly connected world. Those tools will then help deliver insurance products into large online ecosystems, turn a profit on usage-based products, and support insurtech products in IoT-related verticals."
The company has launched its first digital product, DroneInsurance.com, to offer commercial drone pilots tailored drone insurance coverage solutions. The coverage is available in selected US states. REIN claims that it will be the first-of-its-kind drone insurance platform offering 24/7 ground and usage-based flight coverage solutions for drones, sensors and essential flight equipment.
Dean added: "This product is about empowering commercial drone operators. From higher liability limits for episodic flight coverage to sensors and physical damage coverage options, our product aims to solve the unmet needs in the commercial drone insurance industry. Our platform will enable the industry to grow with the dynamic and evolving drone use cases and their emerging risks."
Brendan Smyth, senior vice president, global risk solutions at Liberty Mutual, commented: "We are excited to support REIN as they reinvent traditional business models. Understanding emerging technologies and seamlessly delivering innovative and comprehensive risk solutions to our customers is at the core of Liberty Mutual's mission."
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
Beale to step down from Lloyd’s at year end
Assurant completes $1.3bn P&C reinsurance programme
Athene interested in GE’s LTC insurance business
Swiss Re-backed FWD insurance group weighs IPO
Lockton posts 8% organic growth in the US
Freddie Mac completes $300m reinsurance transaction
