Did you check the Function Viewer and see what it lists for Volvo?
I've had my IM508 for a few months and I had quite a few phone calls for all keys lost situation, but nothing much came out of it , since I only offer key and Fob programming and don't supply the actual Fobs or Blanks , or able to do the key blank cutting. I had one person who came with a Toyota Smart Key that he bought used off of EBay, I wasted my time trying because it was already paired to another car and the IM508 didn't appear to offer any way to reset a used Toyota smart key.