Jun 28, 2018, 10:00 ET
CHAPEL HILL, N.C., June 28, 2018 /PRNewswire/ -- REIN, an insurtech company offering a flexible, data-driven platform designed to create usage-based insurance products, announces $7.3M in venture funding. The capital was secured from investors including Liberty Mutual Strategic Ventures and Kiplin Capital; individual and family office investors, Jason Griswold (Founder, Brown Aviation Lease), Christopher Ellis (Managing Director at AvPro, Inc), Bert Roberts (former CEO of MCI), Steve Rabbitt (Formerly Founder/CEO at The Registry), and Anderson Bell (Senior Executive, AvPro, Inc.).
The REIN platform is built to use unstructured business data to better understand risk, specifically the emerging risks linked to continued technological advancement within mobility, robotics and online ecosystems. With REIN, companies can better adapt to changing customer behavior, and the unprecedented demand for speed and simplicity in insurance products, while bringing those products to market faster.
"REIN was constructed to unlock new, next-generation insurance product opportunities," REIN CEO Christopher Dean said. "Our platform fills a gap by providing a toolset needed to better understand and deliver insurance solutions to our increasingly connected world. Those tools will then help deliver insurance products into large online ecosystems, turn a profit on usage-based products, and support insurtech products in IoT-related verticals."
The company recently launched its first digital product, DroneInsurance.com. Built on the REIN platform, DroneInsurance.com offers commercial drone pilots tailored drone insurance coverage solutions. The intuitive web and mobile-ready dashboard replaces paperwork and complexity with data-driven automation and user control.
Today, REIN is leveraging the exponential growth of unstructured business data through active projects in robotics, online ecosystems, and across the automotive industry—all aimed at solving modern distribution issues, operational efficiency challenges and new risks.
"We are excited to support REIN as they reinvent traditional business models," said Brendan Smyth, Senior Vice President, Global Risk Solutions at Liberty Mutual. "Understanding emerging technologies and seamlessly delivering innovative and comprehensive risk solutions to our customers is at the core of Liberty Mutual's mission."
REIN is an insurtech company creating new, custom-made insurance technology products around the emerging risks in mobility, robotics and online ecosystems. In a time of evolving risks, changing customer behavior and unprecedented demand for speed and simplicity in insurance products, REIN uses data, machine learning and modern tools to help companies bring new insurance products to market faster. Founded in 2015, REIN has offices in Chapel Hill, NC, Maynard, MA and Halifax, NS. REIN's wholly-owned subsidiary, Acend Insurance Solutions, LLC, is a licensed surplus lines producer nationwide. REIN's first insurance product is now available through www.DroneInsurance.com.
Stay connected at @REINinsurtech or http://www.facebook.com/REINinsurtech
About Liberty Mutual Insurance
Liberty Mutual's purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Mass., today we are a leading global insurer with operations in 30 countries and economies around the world. We are the third largest property and casualty insurer in the U.S. based on 2017 direct written premium data as reported by the National Association of Insurance Commissioners. We also rank 68th on the Fortune 100 list of largest corporations in the U.S. based on 2017 revenue. As of December 31, 2017, we had $39.4 billion in annual consolidated revenue.
We employ nearly 50,000 people in over 800 offices throughout the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, commercial multi-peril, property, general liability, commercial automobile, surety, workers compensation, specialty lines, and reinsurance.
You can learn more about us by visiting www.libertymutualinsurance.com.
About Kiplin Capital
Kiplin Capital partners with high-net-worth individuals and family offices to invest globally in early- and growth-stage private companies. Our focus is on highly disruptive innovations in long-established industries. Kiplin takes a diverse approach to investing. We are active in insurance & insurtech, media technology, health care, data analytics, cyber security, consumer electronics, and more. We work tirelessly with and on behalf of our portfolio companies to leverage an extensive network of operators, advisers, and strategic partners that run the gamut from new technology entrepreneurs to top executives in Fortune 100 companies. Kiplin's team has extensive experience in private equity, investment banking, real estate, law, and private wealth management.
*The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Bound insurance policies, rather than summaries thereof, govern. Not all insurance coverages or products are available in all states and policy terms may vary based on individual state requirements. Some policies may be placed with a surplus lines insurer. Surplus lines insurers generally do not participate in state guaranty funds and coverage may only be obtained through duly licensed surplus lines brokers.
CONTACT: Susanna Riley, Director of Media Relations, [email protected], 704-467-0821
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