Ryder Selects REIN to Launch Embedded Insurance Program for Used Truck Customers

Rhea-AI Summary

Ryder System, Inc. (NYSE: R) has partnered with REIN to launch 'Insurance Services by REIN' for its used vehicle sales customers. This comprehensive embedded insurance offering aims to streamline the insurance process at the point of truck purchase, enhancing customer experience. With 58 Used Truck Centers across the U.S., Ryder provides a vast array of pre-owned commercial vehicles. The new insurance services will be available starting February 1, simplifying the often complex insurance selection for customers.

Positive

• Launch of 'Insurance Services by REIN' enhances customer experience.
• Partnership with REIN provides embedded insurance solutions at point of sale.
• Access to a wide range of insurance coverage options for customers.

Negative

• None.

REIN’s comprehensive embedded insurance offering aims to simplify insurance process for Ryder used vehicle customers

MIAMI--(BUSINESS WIRE)-- Ryder System, Inc. (NYSE: R), a leader in supply chain, dedicated transportation, and commercial fleet management solutions, selects REIN to launch “Insurance Services by REIN,” to Ryder used vehicle sales customers. As a leader in insurtech solutions, REIN can now provide its new insurance coverage offering directly to Ryder used vehicle sales customers for added convenience at the point of truck purchase.

REIN can now provide its new insurance coverage offering directly to Ryder used vehicle sales customers for added convenience at the point of truck purchase. (Photo: Business Wire)

Ryder offers the largest network of used commercial vehicles for sale in the United States with 58 Used Truck Center (UTC) locations offering a large selection of pre-owned trucks, vans, and trailers for sale.

“Teaming up with REIN to provide these new insurance offerings supports our priority to enhance the customer experience on all fronts – from buying a used vehicle off the lot to insuring it on the road,” says Eugene Tangney, vice president of used vehicles sales at Ryder. “Understanding and finding the right truck insurance policy is a common pain point for our customers. 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.”

Embedded insurance is quickly becoming a critical tool in the transportation industry’s evolution into providing bundled services. It allows companies to offer direct-to-customer insurance solutions at the point of transaction.

“At REIN, our goal is to empower the world’s largest brands with technology to make embedded insurance offerings immediately available and accessible to their customers when and where they need it,” says Steve Rabbitt, CEO and co-founder at REIN. “We are consistently impressed with the Ryder team’s vision and commitment to being at the forefront of industry transformation, and are thrilled to team up with Ryder to help their customers seamlessly access REIN’s comprehensive coverage options that are fundamental to protecting and growing their trucking operations.”

Insurance Services provided by REIN will be available starting February 1 through https://ryder.reinconnectedinsurance.com/wizard/new or at Ryder’s Used Truck Centers across the country.

About Ryder System, Inc.

Ryder System, Inc. (NYSE: R) is a leading logistics and transportation company. It provides supply chain, dedicated transportation, and fleet management solutions, including full service leasing, rental, and maintenance, used vehicle sales, professional drivers, transportation services, freight brokerage, warehousing and distribution, e-commerce fulfillment, and last mile delivery services, to some world’s most-recognized brands. Ryder provides services throughout the United States, Mexico, Canada, and the United Kingdom. In addition, Ryder manages nearly 235,000 commercial vehicles and operates more than 300 warehouses encompassing approximately 64 million square feet. Ryder is regularly recognized for its industry-leading practices in third-party logistics, technology-driven innovations, commercial vehicle maintenance, environmentally friendly solutions, corporate social responsibility, world-class safety and security programs, military veteran recruitment initiatives, and the hiring of a diverse workforce. www.ryder.com

About REIN

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, Kiplin Capital and family office investors. Learn more about REIN at www.REIN.ai or follow @REINinsurtech on Twitter.

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements, including expectations with respect to our liquidity position, are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements, including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220201005252/en/

Jonathan Mayor

(305) 500-3161

Jonathan_C_Mayor@Ryder.com

Amy Federman

(305) 500-4989

AFederman@Ryder.com

Source: Ryder System, Inc.

FAQ

What is the collaboration between Ryder and REIN?

Ryder has partnered with REIN to offer 'Insurance Services by REIN,' simplifying insurance for its used vehicle sales customers.

When will the new insurance services from REIN be available?

The insurance services will be available starting February 1.

How does the new insurance offering benefit Ryder's customers?

It provides a streamlined insurance process at the point of truck purchase, making it easier for customers to find suitable coverage.

Where can customers access Ryder's used vehicle services?

Customers can access these services at Ryder's 58 Used Truck Centers across the U.S.