Embedded insurance has emerged as a tool in the transportation industry’s evolution into providing bundled services, allowing companies to offer direct-to-customer insurance solutions at the point of transaction.
Ryder on Tuesday said it would partner with insurtech company REIN to launch “Insurance Services by REIN,” to Ryder used vehicle sales customers, enabling the coverage provider to offer coverage directly to Ryder used vehicle customers at the point of truck purchase.
Understanding and finding the right truck insurance policy is a common pain point for for Ryder customers, said Eugene Tangney, vice president of used vehicles sales at Ryder, and "being able to offer a wide array of relevant coverage options through REIN’s embedded insurance offering, alongside other Ryder benefits such as flexible financing, warranty, and preventative maintenance, is key in helping our customers achieve their business goals quicker and more easily.”
Founded in 2015, REIN investors include Volvo Financial Services. Coverage will be available in every state except Massachusetts, Alaska and Hawaii.