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The Sharing Economy — A New Insurance Opportunity

Posted By Staff Reporter, Monday, September 17, 2018


The sharing economy is growing. Employed in this economy are people working as contractors for firms like Uber, Airbnb, Task Rabbit and others. Statistics gathered by the data gathering firm Statista says by 2021 some 86.5 million people will be participating in the sharing economy.

That’s a 23% jump from today.

Laird Rixford is the CEO of Insurance Technologies Corporation (ITC). His company provides marketing, ratings and management software services to the industry. Rixford said, “It’s critical that brokers and agents understand how ride-sharing and these gig-type things really impact insurance.”

He makes his point by noting that an Uber driver can drive anywhere and be covered by their personal auto insurance policy. Once they answer the call and go to pick up a fare, that insurance no longer covers them.

This is why agents who understand those nuances will do very well in the gig economy — an economy desperate for proper insurance. “This gig economy has created the ability for more people to pick up ad-hoc, part-time jobs. The amount of people that insurers, agents and brokers can now sell additional coverage to has exploded,” he said. 

Source link: Insurance Business America

Tags:  insurance  PIA Western Alliance  Sharing economy 

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