INSHUR, the global on-demand insurance provider, has made a strategic acquisition of American Business Insurance Services (ABI) to immediately expand and scale its operation across the United States. This news is the latest strategic milestone in INSHUR’s growth story, cementing the company’s position as the leading global embedded insurance platform serving the on-demand driver economy across the US, UK and the Netherlands.
INSHUR’s effective strategy will accelerate its growth in 2023 by over 200% through the continued execution of its embedded partnerships and its acquisition of ABI. Established in 1983, ABI is one of the largest and most established producers of commercial transportation insurance in the USA, insuring over 50,000 vehicles across the United States. The acquisition of ABI will enable INSHUR to leverage its unique technology and deep partnerships to serve on-demand drivers and fleets in 50 states.
Two Powerhouses Revolutionizing Commercial Auto Insurance
With over 40 years in the commercial auto insurance industry and strong loss ratio performance, not only will ABI enable INSHUR’s expansion across the United States, but also bolster its product portfolio and team to deliver exceptional service, safety and fair premiums for a growing class of drivers in the on-demand economy. Driver and third-party protection is INSHUR’s top priority, and the acquisition of ABI will enable it to further promote safe driving practices through its underwriting capabilities.
On-demand driver insurance policies require specialist handling and access to data in order to support and protect drivers, their passengers and/or goods. With ABI, INSHUR will be able to continue to deliver personalized products and services thanks to its unique processing of proprietary data and use of technology to underwrite commercial driver coverage, which means better loss ratios for capacity partners.
FLEXIBLE COVER, ON DEMAND
The acquisition of ABI gives INSHUR more access to claims data offering more effective product development for fleet managers and on-demand drivers. Furthermore, because of INSHUR’s strong platform partnerships and its ability to embed its technology into a partner’s platform, INSHUR has extremely efficient unit economics creating a competitive edge to provide insurance policies personalized to the diverse needs of on-demand drivers, all whilst staying capital light and nimble.
Dan Bratshpis, CEO and Co-Founder at INSHUR, comments: “The on-demand driver economy is growing exponentially around the world, so the ability to provide access to competitive insurance policies that match drivers’ needs is becoming imperative to delivering the best user experience possible. Since 2016, INSHUR has been successfully insuring and protecting a professional class of drivers with our seamless integration of technology and underwriting expertise to match the experience of our partner platforms.
“Now, with the acquisition of ABI, we’ll be able to bring our world class commercial insurance products to hard working drivers and fleet managers across the US, supporting them with policies that suit drivers’ lifestyles and working hours. ABI has a hard-won and excellent reputation for delivering the best products for America’s commercial auto industry, and now the addition of INSHUR’s technology, partnerships and underwriting expertise will help to create a true best-in-class offering. Together, INSHUR and ABI will enable a new generation of entrepreneurial drivers to make a good living for themselves and their families, while staying safe and protected.”