BERLIN, Oct. 12 (Xinhua) -- German car manufacturer Daimler and global reinsurance giant Swiss Re have launched Movinx, a 50-50 joint venture (JV), to "transform the automotive and mobility insurance business," the two companies announced on Monday.
Movinx would be established as an insurance intermediary and service provider. According to the statement, the aim is to develop a fully digital business model that meets changing customer needs and offers "best-in-class service quality."
"We will establish a new business model as well as co-create and co-own an insurance platform," said Ingo Telschow, chief executive officer (CEO) of Daimler Insurance Services. "This platform enables easy and efficient insurance purchase and customer-centric services by using real time data."
The automotive industry and the motor vehicle insurance sector are in a "significant transformation," the companies noted. On the technological side, rapid developments would take place, such as electric mobility and autonomous driving. In addition, business models are changing, for example, away from owning vehicles to sharing cars.
"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.
Based in Berlin, Movinx's first insurance products and services would be introduced in France in 2021. In the coming years, the two companies plan to enter the European, American and Asian markets. Enditem
