One of the world’s largest car sharing companies has entered into a agreement which will see the firm’s members benefit from a suite of new insurance solutions.
Aioi Nissay Dowa Europe (AND-E) and its subsidiary Toyota Insurance Services (TIS) partnered with ibott, a division of Apollo, to develop the insurance coverages for one of the world’s largest peer-to-peer car sharing companies, TURO.
As the sharing economy is projected to continue expanding and disrupting many established industries, including the mobility sector, the two insurers said it has becoming clear that traditional ways of doing business need to become more fluid and that new risks and uncertainties are emerging. One of the challenges is that traditional insurance models don’t readily fit these new business models.
AND-E a TIS and ibott, said they had created solutions that enable sharing economy companies like TURO to offer a more complete coverage to their customers.
“Peer-to-peer car sharing blurs the lines between commercial and personal auto exposures and presents some challenges for traditional insurance products,” they said in a statement. “The partnership of AND-E, TIS and ibott has addressed this with its innovative approach around new risk factors and a flexible pricing structure unlocking a whole new way of assessing risks and uncertainties.”
Journeys through TURO are to be covered by AND-E in the future, as the risk written has been transferred from one of largest general insurers globally.
Apollo said it had worked closely with TURO to harness the rich data it has collected through its business model in order to create a future proof insurance solution that will support TURO’s marketplace with comprehensive coverage, driving growth in the mobility sector and beyond.
Xavier Collins, Vice-President – UK, TURO adds: “Thanks to our new partnership with AND-E in the UK, TURO is now one step closer in the UK to fulfilling our vision of putting the world’s one billion cars to better use. Car owners in the UK can list eligible vehicles valued up to £100,000 meaning a wide collection of vehicles are available for booking on TURO including the Tesla Model S. Hosts aged 18 and above can list their vehicles, creating an opportunity for entrepreneurs young and old to build a small car sharing business on the TURO marketplace.”