Global reinsurance giant Swiss Re has entered an alliance with Latin American auto insurtech Jooycar to boost auto insurance telematics benefiting small and medium-sized commercial fleets in Mexico.
The insurtech will offer its fleet management service, “Fleetr by Jooycar”, to the Mexican market, which it states was a success in its first year of operations in the US, having over 6 thousand cars connected.
Swiss Re aims to support the Mexican insurance market to better understand the fleet segment, taking advantage of its experience in risk modelling and its telematics data analysis capacity.
Francisco Díaz, Head of Reinsurance Mexico & Central America at Swiss Re, said, “The mobility landscape is changing, particularly due to the appearance of new technologies. Insurance must adapt to these changes, through comprehensive and integrated innovative solutions, to face new mobility trends.
“Our alliance with Jooycar aims to enable the use of telematics data in the insurance market to understand risks and provide more added value to the end customer.”
Jooycar adds that through real-time telematics data, together with the adoption of good driving habits, fleet owners could reduce their operating expenses, save on their insurance, and achieve greater efficiency and safety, to access the best insurance for their fleets.
Joe DiMartino, Head of Insurance of Jooycar, commented, “This alliance enhances the knowledge and experience of both companies in the field of their expertise, creating a great disruption in the sale of commercial insurance. We believe that it reflects the most successful collaboration formula between insurtechs and large reinsurance companies.
“Allowing the evolution of the insurance value offer in the world, where we go from identifying and repairing risk to predicting and preventing it, relying on IoT technology and strong support and world-class actuarial know-how.”