Traditional insurance carriers and products frequently fail to meet the needs of the fast-moving mobility industry. InShare, a company bringing game-changing innovation to lower insurance costs and enabling companies to provide affordable protection, is announcing an increase in momentum year over year.
InShare is on a mission to grow the sharing economy by solving one of the industry’s most complex challenges – insurance. Insurance is a major expenditure for sharing economy companies, which also materially impacts the independent workers on whom the sharing economy depends.
InShare recently completed a seed funding round of $7.5 million, from ManchesterStory, The Hive and Avanta Ventures, fueling InShare’s expansion into new market segments. The funding will also help with the buildout of technology, bringing innovative products to market that help mobility companies grow, the launch of new ventures, and providing gig worker protections and insurance benefits.
“We are the first InsurTech company to solve both sides of the insurance challenge, enabling companies to control costs and scale new products profitably while also providing affordable protections for independent workers on whom these industries depend,” said Mark Warnquist, cofounder and CEO at InShare, who previously worked at Uber.
InShare also recently added two key members to its leadership team. Brandy Mayfield, a pioneer underwriter in the field, who helped establish and run Allstate’s Shared Economy practice, joined InShare as chief underwriting officer. Pooya Sarabandi, an InsurTech veteran, who built and scaled up several startups, also joined InShare as chief technology officer. A Stanford Ph.D., Sarabandi’s passion is building high-impact innovative products using the power of data analytics.
“Insurance is a major expense item for the sharing economy and can be a barrier to company growth and product launches,” Warnquist said. “For the independent workers on whom the sharing economy depends, there is a strong need for greater access to insurance and other work benefits that employed workers may take for granted.”
Other recent developments for InShare:
- Partnered with Mobilitas Insurance to distribute insurance coverage for commercial fleet owners focused on last-mile delivery services.
- Building an insurance program for one of the world’s largest logistics companies.
- Building a state-of-the-art tech foundation to enable the company to quickly launch programs that keep pace with the fast-moving sharing economy.
- Creating affordable insurance protections and other products custom-built to meet the everyday needs of independent workers.