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Swiss Re sets up insurance JV with Daimler

Swiss Re has teamed up with Daimler Insurance Services – which is owned by German auto giant Daimler Group – to set up an automotive and mobility insurance joint venture.

Daimler owns a number of major motor brands, including Mercedes-Benz.

The partners will have equal ownership in Movinx, which will be based in Berlin. It is expected to roll out its first insurance products and services in France some time next year before expanding to other European markets, the Americas and Asia.

Swiss Re says Movinx will leverage on the strengths of its owners as the global auto and insurance industries undergo a significant transformation.

“We believe that partnering with Daimler Insurance Services and establishing Movinx will take us to the next level in innovating mobility insurance,” Digital Transformation Officer Pravina Ladva said.

“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.”

Movinx will act as a managing general agent, offering an embedded mobility and insurance journey for consumers. There are plans for the joint venture to co-create and co-own an insurance platform that will provide convenient insurance purchases.

“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 two partners say in a statement.

“Movinx enables the introduction of new insurance propositions efficiently across a range of markets – for example, with the underlying technology platform.”