Home > Resources > Whitepapers > Insuring the sharing economy

Insuring the sharing economy

In trying to meet the new demands of the sharing economy, the insurance industry faces a number of distinct challenges that will require new approaches to doing business. Regulations are at best rapidly changing and often nonexistent. As a competitive advantage, some sharing economy firms do not make financial information public which the insurance community could use to more fully evaluate their risk and exposure. Most startups allocate capital toward growth rather than devoting it to collateral that insurers typically use to validate credit exposure. Firms grow so quickly, there is little, if any, historical loss information with which to predict future losses and set rates for emerging risks.

Spotlight

Zywave

In an increasingly complex and dynamic digital insurance market, there are lots of technology companies out there promising to solve a particular problem or challenge for your business. However, there is only one company out there that delivers everything you need to automate growth. And that’s Zywave. Zywave leads the insurance tech industry, fueling business growth for our partners with the most expansive portfolio of cloud-based sales management, client delivery, content and analytics solutions. By offering an all-on-one platform full of robust data and the most comprehensive content library available, we empower our partners to make smarter business decisions throughout the entire customer lifecycle in service of greater health, wellness and safety. Moving forward, we will continue to innovate and invest with you in mind. Innovation is at the core of everything we do, and we will never stop thinking of ways to help your business grow. As the industry continues to change, we’l

OTHER WHITEPAPERS

2020 insurance outlook

whitePaper | January 3, 2020

As insurance firms adapt to maturing markets and economic turbulence, in the long run, their ability to integrate technology, talent, and business-model innovation into legacy environments may be the key to success. The insurance industry remains resilient, continuing to generate growth around the world and maintaining overall profitability despite turbulence in the global economy.

Digital claims - how can insurers best reap the benefits of digital claims for customers?

whitePaper | December 12, 2022

Digital claims processing offers significant benefits for both insurers and their customers. Based on this assumption, Post and PayPal held a roundtable to explore how the sector can keep up the momentum, and discuss what might be considered as a best-in-class experience for an online claims journey.

12 Insurance Industry Trends in 2023

whitePaper | February 8, 2023

Insurers have been navigating digital transformation alongside economic, political, and environmental disruption. These factors will continue to play a major role in the insurance industry in 2023. While most changes are positive, insurance companies must be agile and ready to adapt to evolving conditions to continue to grow.

Decoding Insurance Distribution with Embedded Insurance

whitePaper | August 12, 2022

In 2021, massive vaccine deployments and the lifting of pandemic-related limitations were the key catalysts in helping individuals and companies regain trust in the insurance industry while also boosting economic growth. However, the COVID-19 concerns, paired with cyber and climate shifts, and disruptive market dynamics, continue to remain uncertain. Despite the increase in regulations, rising inflation, decreasing interest rates, and changing consumer preferences, insurers anticipate a gamechanging scenario in the insurance industry in the year 2022.

How InsurTech is transforming the insurance industry to address a new era of emerging risks, and improving lives along the way.

whitePaper | December 10, 2019

Insurance, since its inception, has shaped patterns of economic and social growth. It has helped us mitigate the damage of threats and disasters from droughts to car accidents, and has opened new pathways to financial health and stability that would not have been possible without risk management. Insurance is part of all of our lives and, as societies across the globe now grapple with increased risks from climate change to geopolitics, and new trends in consumer demand and technological advancement, insurance is changing.

Understanding the NAIC Insurance Data Security Model Law

whitePaper | September 10, 2022

State governments, not federal agencies, have preeminence over the insurance industry (as defined by the McCarran-Ferguson Act of 1945). Thus, it is up to each state to pass and enforce laws governing insurance companies. Each state has its own chief insurance commissioner to manage this function.

How InsurTech is transforming the insurance industry to address a new era of emerging risks, and improving lives along the way.

whitePaper | December 10, 2019

Understanding the NAIC Insurance Data Security Model Law

whitePaper | September 10, 2022

More Whitepapers

Insuring the sharing economy