In its first month of launch, INSHUR delivers $3.5M in Gross Written Premium (GWP) and sees a 40% conversion rate via its mobile insurance app
LONDON & NEW YORK–(BUSINESS WIRE)–April 11, 2018–
INSHUR (www.inshur.com) today announced the initial results of its alliance with Clear Blue Insurance Group and Munich Re Digital Partners. The launch of the entirely digital insurance product aims to service the needs of New York’s rideshare drivers. In its first month, INSHUR’s new product has attracted 2,000 rideshare drivers and delivered a conversion rate of over 40%.
New York City’s rideshare industry is one of the world’s most active, with around 165,000 licensed drivers. But, the landscape for insurance had remained untouched by any innovation or digital services. Combined with the fact that the target customers, drivers for Uber and Lyft, were already mobile-first natives, it was a sector ripe for #insurtech reinvention.
Traditionally, to get commercial rideshare insurance, a driver would have to visit specialty brokers, fill out stacks of forms and wait several days while losing money off the road.
INSHUR is the only fully digital insurance service available in New York. Within minutes a driver can now access quotes, compare coverage features, and obtain coverage. The mobile product also solves other time-consuming tasks for rideshare drivers such as changing coverage, replacing authorized drivers, and adding vehicles all via the app.
Andrew Rear, Chief Executive Officer, Munich Re Digital Partners, said, “These early results are very encouraging. We have been impressed by the INSHUR team’s determined focus to bring products to market quickly and successfully. INSHUR is addressing a real gap in the market, and this is further proof of the positive impact technology is having on insurance markets worldwide.”
“Successfully launching this product in New York, directly reflects the experienced people and partners around us. What INSHUR brings to the local insurance market, through this partnership, is an attractive digital alternative for drivers,” said, INSHUR Co-founder, Dan Bratshpis.
He added: “Building our product and growing the business in a lean and bootstrapped way, I believe has helped keep us to account. Every day we have been forced to focus only on addressing the needs of customers. The #insurtech landscape is enjoying unprecedented attention right now. I want us to play our small part by being focused on commercial success and delivering a product that our customers value in New York and beyond.”
Jerome Breslin, CEO of Clear Blue summarized the achievements so far: “From the very early stages of our engagement, we felt confident this was a product, sector, and opportunity ready for innovation. The results so far are nothing short of incredible. Our partnership is a great example of how new and established players working together, can do great business.”
Further products are planned for launch in the UK and other European countries later this year.
INSHUR is the only mobile-first provider of commercial auto insurance for TLC drivers.
The mobile app allows TLC drivers to quote, purchase and service their insurance policies at their convenience. The FREE app is available for Android and iOS devices. Founded in October 2016, the management and technical teams are based in offices in New York and London. INSHUR provides customers with the ability to get on-demand quotes and cover in minutes and not days. INSHUR means no more calling around for brokers, waiting for a quote, finding parking, mailing checks and coming back with missing paperwork. Owner-operator drivers in NYC that work for black car bases like Uber, Lyft, Gett and car service/taxi bases will find many benefits.
About Clear Blue Insurance Group
Clear Blue Insurance Group is a program/fronting specialist for property and casualty programs nationwide. Clear Blue consists of two insurance companies: Clear Blue Insurance Company, an admitted property and casualty insurer and Clear Blue Specialty Insurance Company, an excess and surplus lines property and casualty insurer. Both insurance companies are AM Best-rated A- (Excellent), with a financial size category of VIII. For more information about Clear Blue, visit the company’s website at www.clearblueinsurancegroup.com
About Digital Partners
Established in 2016, Digital Partners is a global business unit of Munich Re designed to partner with disruptors who are changing the way insurance is experienced by customers.
Clear Blue Insurance Group