CHAPEL HILL–REIN, an insurtech start-up based in Chapel Hill has just secured a major car giant's backing. Volvo Financial Services has invested in REIN to deploy to the commercial transportation industry the next generation of connected insurance services. With its strategic investment in the company, VFS Innovation Ventures, a newly formed organization within VFS, joined the REIN investor party, the company recently reported. Christopher Dean, CEO of the Triangle, is a familiar name.
He served as co-founderand chairman of the Raleigh drone technology company PrecisionHawk for seven years.
REIN unveiled its insurtech platform at iLabX earlier this year, the ten-week accelerator program of Volvo Financial Services designed to provide a unique opportunity for start-ups to grow their ideas in live customer environments. VFS and REIN will now continue to evaluate personalized data-driven applications that strengthen security and boost Volvo Group customers' overall insurance experience.“We are excited to add Volvo to our investor group,” says Steve Rabbitt, co-founder and president at REIN, in a statement. “Having VFS at the table will be invaluable as we continue to bring insurtech solutions to the commercial vehicle sector.”
The company announced that it would introduce the drug in the United States with the goal of a future global offering in the first half of 2020.