Squaring risk in the sharing age
How the collaborative economy is reshaping insurance products
The insurance industry has new opportunities to leverage the rapid growth within the sharing economy. However, the boundaries between personal and commercial relationships are blurring – creating fresh challenges (and opportunities) for insurers. This report provides an overview of where the key opportunities lie for insurance in the sharing economy.
Matured platforms in the sharing economy have established risk management programmes. However, for the majority of the smaller platforms, risk management is at an earlier stage of development. Therefore, the insurance industry has a key role to play in supporting platforms at all stages of maturity.
Collaborating with Lloyd’s of London, we surveyed over 8,000 consumers globally and interviewed 25 subject matter experts to examine the sharing economy and the emerging insurance models. We also provide our views on how and where insurance can support the growth of this market.