Swiss Re launches mobility insurance venture with Daimler

Global reinsurer Swiss Re and Daimler Insurance Services have formed a strategic partnership to launch a new company, called Movinx, designed to transform the automotive and mobility insurance business.

Based in Berlin as insurance intermediary and service provider, Movinx will be a 50/50 joint venture of Swiss Re and Daimler. The company has received all necessary competition clearances.

Movinx will be led by Sebastiaan Bongers, head of mobility ventures at Swiss Re, and Andreas Roth, head digital insurance model at Daimler Insurance Services.

The company plans to launch its first insurance products and services in France in 2021, with further market entries planned across Europe, in the Americas, and in Asia.

With the aim of creating a new business model, Movinx will act as a managing general agent (MGA). The joint venture will be open for cooperations with other stakeholders such as car manufacturers and mobility service providers.

Pravina Ladva, Swiss Re’s digital transformation officer, said: "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.”

Ingo Telschow, chief executive of Daimler Insurance Services, said: ”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.”