Today, we are excited to announce the launch of REIN — an insurtech platform that uses structured and unstructured data to create net new insurance products for emerging risks linked to robotics, mobility and online ecosystems. We’ve spent the better part of the last two years building REIN. As experienced entrepreneurs who have spent our careers using technology and data to make processes and customer experiences better, we believe there is an opportunity to not only improve efficiency and operations but also to more generally empower the creation of some exciting net new insurance products.
Insurance has always been an industry that has relied heavily on data. But today the availability of data from connected devices and online systems has sky rocketed. Understanding the data opens our eyes to better understanding our world and, in turn, the risks in it. With data volume expected to grow 800% over the next 5 years — where 80% of business data is expected to be in an unstructured format — we felt it presented an opportune time for us to build a new insurance platform to support the shift.
We have put together a team of software developers, machine learning experts, geospatial scientists, lawyers and insurance veterans to take on the challenge. They are a talented group and are working hard at trying to make our databases robust, our underwriting more informed, and our new insurance products compelling.
The core of our platform is built on the belief that ecosystems will make digital distribution easier for select insurance products. This ecosystem-centered mindset will make it easier to deliver new products to customers and enable them to enjoy a more integrated experience.
At REIN, the first application of our new platform is DroneInsurance.com. DroneInsurance.com offers dynamic, highly personalized options, addressing the unique risks and pain points of the commercial drone industry. We worked hard with the talented Liberty Mutual team on the development of this project. We invite you to check it out!
We are excited to take our very first steps today and to give you a glimpse of what we’ve been working on.
If you’re interested in collaborating with us, and want to get the communication lines open, please let us know by emailing us at email@example.com.
We look forward to serving you.
Chris, Steve and Jason