11 Oct INSHUR announces strategic partnership to grow its business in the $1bn rideshare insurance market
SAN FRANCISCO, New York, London: Wednesday 11th October 2017: INSHUR today announced a strategic partnership with Munich Re’s Digital Partners to design and distribute innovative commercial auto insurance products through INSHUR’s mobile technology platform.
INSHUR opened for business in 2016 focusing on New York City’s rideshare market; an insurance sector expected to be soon worth more than $1bn. INSHUR is the industry’s only mobile-first, digital platform for commercial auto insurance focused on rideshare drivers. The NYC startup, founded by Dan Bratshpis and David Daiches, has been quietly building a following among drivers.
Traditionally, purchasing insurance coverage could take days, as a driver had to visit a brokers office, sign, and file paperwork and often make repeat visits. INSHUR’s mobile platform automates the whole process; now it can take as little as 171 seconds to get a quote on INSHUR.
Since its launch, INSHUR has underwritten $5M in gross written premiums, converting 26% of drivers quoted into customers. The #insurtech startup has focused on organic growth and is now looking beyond New York’s quickly expanding passenger transportation insurance market. Having been privately funded up to this point, the digital insurance platform is setting its sights further afield.
Speaking about INSHUR’s story, Dan Bratshpis, said: “INSHUR responds to a growing demand from a new type of insurance customer. Drivers in the rideshare landscape are already mobile-first operators. When it comes to obtaining commercial auto insurance, this new generation is seeking a digitized insurance experience that aligns with how they do business. We’ve developed a mobile platform which helps solve these existing problems, by digitizing insurance, we can become more customer-centric and responsive to this new type of buyer.”
Andrew Rear, CEO of Digital Partners, said, “We are delighted to be able to support INSHUR’s ride-sharing proposition. We’ve been impressed by the energy and expertise in the INSHUR team and look forward to a successful launch.”
Dan Bratshpis added: “Having a global forward thinking organization backing us, provides tremendous advantages and allows us to scale our digital platform much quicker. We are looking forward to expanding our offering to new geographic territories and broader industry sectors.”