Fast Five Applications of Insurance Designed Around Use
Usage-based insurance is trending . Some business models are better than others.
A Providence, RI-based car insurer by State Farm that launched last year to offer car insurance with a promise of a decreasing monthly premium for good drivers. Note: if you like HiRoad, you like constant anxiety of what your premium may be.
A Paris-based intermediary offering car insurance underwritten by Suravenir Assurances with a twist on the old pay as you drive model. With Wilov you pay-when-you-drive. Drivers pay a flat fee + additional fee for every day they drive.
A London-based insurance broker offering food and parcel delivery insurance for part time delivery drivers that can be switched on and off. It has raised ~$10M.
A London-based banking alternative that recently launched pay per day travel insurance with smart geolocation tech that can automatically detect when one leaves and returns to their home country and turn coverage on or off. And then this happened….
Note: if you like the idea of on demand travel insurance, you’ll like Jauntin – a Toronto-based insurance startup that recently launched its Travel Guard On Demand app to offer travel insurance underwritten by AIG Canada.
A Danville, CA-based on demand insurance startup with ~$87M in funding and over 100 employees. It is currently available in Australia and the UK, with plans to enter the US this year. Last, it is now tweeting from @trov, not @mytrov.