REIN Raises $7.3 Million to Create New Insurance Products for a Connected World

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Posted By Gbaf News

Posted on July 2, 2018

REIN Raises $7.3 Million to Create New Insurance Products for a Connected World

The investment round includes Liberty Mutual Strategic Ventures, Kiplin Capital and direct investments by handful of leading entrepreneurs

CHAPEL HILL, N.C.- 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.”

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