BOSTON, Sept. 21, 2022 (GLOBE NEWSWIRE) — Liberty Specialty Markets (LSM), a leading global provider of specialty and commercial insurance products and part of Liberty Mutual Insurance’s Global Risk Solutions division, today announced that it is teaming up with REIN, developer of the IX platform for embedded products, to provide Sony Electronics with an insurance product to offer drone buyers and operators an instantly accessible coverage option.1
Sony, one of the world’s leading technology and manufacturing businesses, announced the Airpeak S1, the world’s smallest class drone that can be equipped with a full-size mirrorless interchangeable-lens Alpha camera2, in December 2021 to accommodate market growth. With the increase in drone use comes the need to ensure that operators have sufficient and appropriate insurance coverage. Having an insurance product offer provides added value to Sony’s Airpeak S1, and gives added confidence to those who seek to explore this fast-growing market.
“Our partnership with REIN enabled us to provide this unique solution for Sony’s Professional Drone Airpeak S1 and demonstrates how we develop tailored solutions to support the ever growing and evolving needs of our insureds. We look forward to expanding our partnership with REIN to bring more embedded insurance solutions to our partners and clients,” said Lewis Edwards, Head of Delegated Authority Practice, Liberty Specialty Markets.
Insurance is quickly becoming a critical tool in the mobility industry’s evolution into more bundled services. It allows companies to offer direct-to-customer insurance solutions at the point of sale.
“At REIN, our goal is to provide the technology necessary for carriers to be the partner companies trusted for embedded insurance,” said Jason Griswold, CEO and co-founder at REIN. “By leveraging REIN’s IX platform, Liberty can provide global brands such as Sony the ability to access digital insurance products designed to meet their customers where they are, when they need it. We are consistently impressed with the Liberty teams’ vision and commitment to being at the forefront of industry transformation and are thrilled to team up with Liberty to help their customers access comprehensive coverage options that are fundamental to growing the mobility industry.”
The insurance offering for Sony’s Airpeak S1 Drone, powered by REIN, is available through https://electronics.sony.com/airpeak/insurance.
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Liberty Specialty Markets offers specialty and commercial insurance and reinsurance products across key UK, European, Middle East, US, Bermuda, Asia Pacific & Latin America markets. We provide brokers and insureds with a broad product range through both the Company and Lloyd’s markets and have over 2,000 employees in approximately 60 offices.
At Liberty Mutual, we believe progress happens when people feel secure. By providing protection for the unexpected and delivering it with care, we help people and businesses embrace today and confidently pursue tomorrow.
In business since 1912, and headquartered in Boston, today we are the sixth largest global property and casualty insurer based on 2020 gross written premium. We also rank 78 on the Fortune 100 list of largest corporations in the US based on 2021 revenue. As of December 31, 2021, we had $48.2 billion in annual consolidated revenue.
We employ over 45,000 people in 29 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
For more information, visit www.libertymutualinsurance.com.
About Sony Electronics Inc.
Sony Electronics is a subsidiary of Sony Corporation of America and an affiliate of Sony Group Corporation, one of the most comprehensive entertainment companies in the world, with a portfolio that encompasses electronics, music, motion pictures, mobile, gaming, robotics and financial services. Headquartered in San Diego, California, Sony Electronics is a leader in electronics for the consumer and professional markets. Operations include research and development, engineering, sales, marketing, distribution and customer service. Sony Electronics creates products that innovate and inspire generations, such as the award-winning Alpha Interchangeable Lens Cameras and revolutionary high-resolution audio products. Sony is also a leading manufacturer of end-to-end solutions from 4K professional broadcast and A/V equipment to industry leading 4K and 8K Ultra HD TVs. Visit http://www.sony.com/news for more information.
REIN is a technology company that transforms carriers’ insurance products into digital offerings available on the Insurance Exchange (IX) and direct to select companies. IX is where business customers and insurance brokers go to secure insurance offerings to embed in their digital commerce environments. REIN exists to give carriers the technology they need to be the partner companies trust for embedded insurance.
Founded in 2015, REIN has offices in Chapel Hill, NC, Maynard, MA and Halifax, NS. REIN’s investors include Volvo Financial Services, Liberty Mutual Strategic Ventures, Sandbox Insurtech Ventures, Plug and Play Ventures, Delaware Life, Kiplin Capital and family office investors. Learn more about REIN at www.REIN.ai or follow @REINinsurtech on Twitter.
- Operating a drone in the United States is subject to federal law and regulations. State and local ordinances may also apply to certain operations. When operating an aircraft, it is the remote pilot/operator’s responsibility to always comply with applicable laws, regulations, and ordinances.
- Based on Sony research and testing, as of June 2021.
Media Contact for REIN: Jennifer Overhulse, St. Nick Media Services, [email protected] or 859-803-6597