With the aim to develop fully digital automotive and mobility insurance products that both fulfill changing customer needs and offer best-in-class service quality, reinsurance Company, Swiss Re and automaker Daimler are joining forces.
The companies are launching a new company Movinx which will be a 50/50 joint venture of Swiss Re and Daimler Insurance Services. The JV will be located in Berlin and set up as insurance intermediary and service provider.
The companies believe 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.
With the aim of creating a new business model, Movinx will act as a Managing General Agent (MGA is a specialised type of insurance agent or broker that has been granted underwriting authority by an insurer, according to the International Risk Management Institute (IRMI), and can administer programs and negotiate contracts for an insure).
It will enable an embedded mobility and insurance customer journey – making insurance an integrated part of the vehicle purchase. Instead of today’s rather short-term oriented partnerships between car manufacturers and various insurers, the focus is on a joint development journey to offer flexible and fully digital products.
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.
