The insurance industry “absolutely” has a role to play in the sharing economy and can use its platforms to help develop their own businesses, an expert has said.
Earlier this year
Aon and Collaborate, an ASX-listed firm with a focus on the sharing economy, came together with the launch of an online rental marketplace called Mobilise, and Rob Rattray, general manager of Mobilise, called on other brokers and insurers to follow
Aon’s lead.
“Trust and accountability is fundamental to all sharing economy platforms, and the services insurers and brokers provide will be important to their continued success,” Rattray told
Insurance Business. “Like Aon is doing with Mobilise, more insurers and brokers should look to create innovative products which respond to new markets, new ways of owning and using assets, and new customers.”
As an industry inherently built on trust, Rattray said that opportunities exist for further insurance-based partnerships as they could become increasingly important in the future of the sharing economy.
“Trust and security is now more than a factor customers look for, it is front and centre for users of the sharing economy,” Rattray continued. “As this trend continues, protection through insurance will continue to play a key role.”
Mobilise not only saw the pair of firms launch a sharing economy platform but also a unique insurance policy to cover users.
Rattray said that the policy, which provides cover for equipment hire, as well as general liability for owners, is a “first of its kind” and complimentary for users, offering theft and damage cover up to $50,000, and general liability up to $20 million during the hire period.
“The sharing economy is growing and we need to be on the front foot to address any risks which may arise from peer-to-peer sharing,” Rattray continued. “Insurance plays a big part in ensuring our customers are fully protected and have peace of mind when hiring and lending assets.”
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