New York rideshare insurance startup INSHUR partners with Munich Re Digital Partners and eyes UK expansion.
New York-based rideshare insurance startup INSHUR will partner with Munich Re Digital Partners as it looks to conquer the UK commercial motor market in 2018.
INSHUR launched 12 months ago and offers insurance to rideshare and taxi and limousine commission drivers of New York City. Since its launch it has signed up 1,100 customers and has underwritten $5m (£3.8m) in gross written premium.
Over a quarter (26%) of all drivers quoted by INSHUR have chosen to take out a policy with them.
The company claims its mobile platform can cut the time taken to purchase coverage through a traditional broker by days, as it automates the process. INSHUR reports that it takes “as little as” 171 seconds to generate a quote.
The partnership with Munich Re Digital signals a boost in the rideshare startup’s ambitions. Until now it has been privately funded and focused on organic growth in New York City.
INSHUR has now declared its intentions to expand to more US cities and Europe in the first quarter of 2018.
INSHUR founder Dan Bratshpis said: “INSHUR responds to a growing demand from a new type of insurance customer. Drivers in the rideshare landscape are already mobile-first operators. When it comes to obtaining commercial auto insurance, this new generation is seeking a digitised insurance experience that aligns with how they do business.
“We’ve developed a mobile platform which helps solve these existing problems, by digitising insurance, we can become more customer-centric and responsive to this new type of buyer.”
Munich Re Digital Partners chief executive Andrew Rear said: “We are delighted to be able to support INSHUR’s ride-sharing proposition. We’ve been impressed by the energy and expertise in the INSHUR team and look forward to a successful launch.”
Bratshpis added: “Having a global forward thinking organisation backing us, provides tremendous advantages and allows us to scale our digital platform much quicker. We are looking forward to expanding our offering to new geographic territories and broader industry sectors.”
INSHUR is not the only US disruptor looking to capitalise on the rideshare market. Slice Labs, which recently raised $11.6m, is testing an on-demand rideshare product.