Nationwide to Develop Auto Insurance for Rideshare Drivers
As the number of rideshare drivers continues to increase in the U.S., many face a complex gauntlet when seeking auto insurance solutions to meet their needs. Nationwide has taken an innovative step to develop on-demand rideshare insurance solutions for drivers who work for transportation network companies (TNC), such as Uber and Lyft, through its new partnership with Slice Labs, an insurance cloud services platform provider.
“This partnership exemplifies our commitment to innovation by leveraging technology to provide rideshare drivers with a flexible and comprehensive insurance product,” said Teresa Scharn, associate vice president of product development for Nationwide. “We are partnering with Slice Labs to develop a new insurance solution for rideshare drivers that is not available on typical ridesharing endorsements or available through TNC companies.”
Nationwide and Slice Labs are developing an insurance solution for rideshare drivers that will enable them to purchase on-demand coverage unique to their industry via an app, and at variable increments that align with the time they are driving for their ridesharing platform. Coverage spans from the moment rideshare drivers activate coverage on the app to when they stop coverage on the app. This timespan can range from just a few minutes up to multiple hours.
“The rideshare market is a prime example of the benefits of providing on-demand services to consumers,” said Tim Attia, CEO of Slice Labs. “The partnership with Nationwide is an important step in the evolution of the traditional auto product to meet the demands of future mobility solutions in an increasingly digital and on-demand world.”
Nationwide plans to launch its new insurance solution for rideshare drivers later this year.