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People can now insure one another in peer-to-peer networks and do away with big insurance companies and premiums 
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Warren, NJ, February 4, 2014 -- More than one-third (36%) of Americans would rent someone else’s home for vacation, but far fewer (20%) would rent out their own home to others, according to a survey sponsored by the Chubb Group of Insurance Companies. Nearly a quarter would rent out their vehicles, and a third of boat owners would rent out their boats, according to the survey.
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Insurers may be able to innovate, particularly in the car-sharing market. But how can they adapt models to meet consumer demands?
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Insurers have always been at the forefront of responding to user needs. Direct marketing and online portals make it easier for consumers to understand and purchase insurance. Usage-based insurance (UBI) allows safe drivers, particularly those who drive less, to reduce their premiums.
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If you are planning to rent out your home, guest room, couch—or even your home office while you are at work—your first step should be to contact your insurance professional. Peer-to-peer sharing opportunities, such as Airbnb, can be a handy way to bring in extra money and are increasingly popular; however, they can also leave you financially vulnerable, for example if your renter damages your property or if someone is hurt while they are in your home.
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ClimateWise is the collaborative insurance initiative through which members aim to work together to respond to the myriad risks and opportunities of climate change.
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Accenture’s Michael Costonis examines the market potential of the sharing economy.
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North America alone. Worldwide, car-sharing companies operate in more than 27 countries on five continents with over 1.7 million members. Given the momentum behind the sharing economy, it may be time for insurers to take a closer look at this emerging market opportunity.
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In urban areas, ridesharing is increasingly popular: People without cars use apps like Uber, Lyft and Sidecar to locate car owners who can give them rides. The companies have facedmyriad legal challenges from governments and other entities that are wary of their nebulous space somewhere between a cab and a social network. And, a report in today'sSan Francisco Chronicle finds that many participating drivers are finding the same limbo to be incredibly problematic when dealing with their insurance companies as well.
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Last week, I wrote about the issues that big, traditional insurance companies have with sharing economy companies like RelayRides,Getaround, Uber andAirbnb. The uncertainties are particularly difficult to navigate in the car-sharing space, where car owners list their cars on a marketplace like RelayRides, and a customer can rent it out.
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The Airbnb guys are not dumb, they are well aware of the fault-lines in their model, they know the problems inherent in the accommodation industry, they know that at some point, someone will be beaten or molested or murdered, they know that a host will return home to the horrifying sight of a guest suicide, they know exactly what the media reaction will be, they know exactly what will happen to the notional value of their company, they know that one big compensation order will completely destroy the tenuous math upon which their company is based.
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Start-ups in the sharing economy are attracting major investors who believe in their business model. There is, however, one area in which they have not been able to gain traction — insurance, as few large insurers have embraced or have even begun to explore this market.
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Property and casualty (p&c) insurers have been quick to adapt technology to meet changing consumer needs. Direct marketing and online portals make it easier for consumers to understand and purchase insurance, while usage-based insurance (UBI) allows safe drivers, particularly those who drive less, to reduce their premiums.
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Accenture’s Michael Costonis examines the market potential of the sharing economy. (Nine million members to participate in the North American car sharing economy by 2016.
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