By 2025 the sharing economy will be worth $335bn
Insurtech Cover Genius has been selected by GoBoony as its global insurance partner.
The partnership will see GoBoony use the insurtech’s insurance platform for P2P (peer to peer) campervan and motorhome sharing.
GoBoony has been touted the “Airbnb for private motor-home hire” and it claims that the add-on insurance option will reduce the security deposit on a booking.
It is another example of the rise of the sharing economy prompting a different type of insurance.
Mark de Vos, chief executive and co-founder) of GoBoony said: “For a P2P sharing business like ours, insurance is critical to delivering customer satisfaction.”
He said as “accidents can happen” this product gives owners and renters “peace of mind.”
Cover Genius co-founder and chief executive, Angus McDonald explained its XCover platform is “configurable for any line of insurance” which makes it simple, quick and accessible for eCommerce sites that operate across many locations.
He added: “Without the benefit of our technology, a fast-growing business like GoBoony would have found the process of setting up a multi-location insurance capability a costly undertaking.”
API technology by the insurtech eliminates the need for internal teams to manage associated licences, compliance, claims and incorporation in multiple countries.
Cover Genius recently extended its partnership with Rentalcars.com to deliver an instant claims payment for the car firm’s customers in more than 90 currencies.
Last year Jon Dye, now chief executive at Allianz said that insurance plays an “integral part” in devloping the sharing economy.
It is estimated that the sharing economy will be worth $335bn by 2025.
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