We Need a Roadmap For Car Sharing Insurance Cover

The future of mobility is multi-channel; e-scooters, electric cars, public transport and car sharing. There are companies already working on flexible real-time cover for shared vehicle use. As cities, Councils and regional governments keep introducing anti-car policies, road tolls, LTNs and ULEZ zones, car ownership may shift to car rental – on demand. Insurers and partner companies are well advanced in meeting this challenge.

In July 2021, Aioi Nissay Dowa Europe (AND-E) and its subsidiary Toyota Insurance Services (TIS) partnered with ibott, a division of Apollo, to develop a range of insurance solutions for the shared mobility sector. Now the partnership has created tailored solutions 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, it is 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.

That’s where AND-E and TIS come in. Together with ibott, tailored solutions have been created 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. 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.

Adrian Steele, Head of Insurance Solutions, Aioi Nissay Dowa Europe comments: “We are delighted, together with the Apollo group, to have TURO as a partner and fully embrace the direction of its business. As the mobility sector grows, building innovative insurance solutions to meet this dynamic sector’s needs becomes ever more important.”

Apollo has 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.

Chris Moore, Head of ibott, Apollo Group says: “TURO shares in the Apollo vision of embedded data driven insurance solutions and we are pleased to partner with them. The road ahead is exciting for TURO and Apollo and all of our insurance and reinsurance partners are excited to be part of this journey.”

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.”