Sharing Economy in Insurance – Thematic Intelligence

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Sharing Economy in Insurance Thematic Intelligence Report

The sharing economy is an economic system in which private individuals share assets and services, often using a community-based online platform. The sharing economy has witnessed a rapid rise, particularly over the last decade. It has penetrated most industries, facilitated by improvements in the performance of digital platforms and consumers’ increasing willingness to use mobile apps that support peer-to-peer (P2P) business models.

In response to the growth, the insurance industry has had to innovate as the lines are blurred between personal and commercial use. Flexible and on-demand insurance products, facilitated by the evolution of technologies such as big data, artificial intelligence (AI), and the Internet of Things (IoT), have become highly desirable in the sharing economy. These products offer commercial risk management without the unaffordability that would come for many individuals with purchasing a full commercial policy.

The sharing economy in insurance report helps to identify leaders in insurance provision for the sharing economy. The report will also assist to understand how competitors are looking to break into the market and identify opportunities in a growing market where insurance provision can be made simpler for the customer.

Sharing economy in Insurance Trends

The main trends shaping the sharing economy in insurance theme over the next 12 to 24 months are technology trends, macroeconomic trends, and regulatory trends.

Technology Trends: The key technology trends shaping the sharing economy in insurance are the increasing use of AI, cybersecurity, and big data among others.

Macroeconomic Trends: The key macroeconomic trends shaping the sharing economy in insurance are rising inflation and the cost-of-living crisis, the impact of COVID-19, and rapid urbanization among others. 

Regulatory Trends: The key regulatory trends shaping the sharing economy in insurance are concerns regarding carbon emissions, labor rights, and data privacy. 

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Sharing Economy in Insurance Industry Analysis

The sharing economy is one of the fastest-growing business trends of the last 10 years, with more than $23 billion invested since 2010 in venture capital funding on sharing economy start-ups, according to GlobalData’s Deals Database. During this time, insurance has been challenged with meeting the unusual requirements of sharing economy agents.

Some insurtech startups have emerged with the primary aim of meeting some of the demand within the sector, while others have taken the principles of the sharing economy, modern technology, and mutual insurance companies to create scalable P2P insurance businesses.

The sharing economy in the insurance industry analysis also covers:

  • Market size and growth forecasts
  • Use cases
  • Timeline

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Sharing Economy in Insurance Industry Value Chain

The sharing economy allows individuals and companies to make money by sharing, exchanging, and renting resources. GlobalData splits the sharing economy value chain into four segments: shared assets and services, infrastructure, sharing economy platforms, and use cases.

Infrastructure: The infrastructure segment of our sharing economy value chain has two components: cloud infrastructure and data management.

Sharing Economy in Insurance Industry Value Chain

Sharing Economy in Insurance Industry Value Chain

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Sharing economy in Insurance – Competitive landscape

The key public players in the sharing economy in insurance are Airbnb, Allianz, Aon, AXA, and Expedia Group among others.

The key private players in the sharing economy in insurance are Cuvva, Friendsurance, Laka, Pikl, Versicherix, and Zego.

For more insights on key players in the sharing economy in insurance, download a free report sample

Sharing Economy in Insurance Consumer Trends Report Overview

Key Trend Technology Trends, Macroeconomic Trends, and Regulatory Trends
Key Value Chain Components Shared Assets and Services, Infrastructure, Sharing Economy Platforms, and Use Cases
Key Public Players Airbnb, Allianz, Aon, AXA, and Expedia Group
Key Private Players Cuvva, Friendsurance, Laka, Pikl, Versicherix, and Zego

Scope

  • Insights from GlobalData’s 2022 UK Insurance Consumer Survey indicate that younger consumers (Generation Z and millennials) are more likely to use the sharing economy.
  • The sharing economy is also more widely utilized in London than the UK average, with more than 28% of London dwellers indicating that they either use, will use, or have used the sharing economy.
  • Most leading P2P platforms offer insurance through an embedded model in collaboration with an insurer. For insurers, this creates access to new markets and target groups.

Key Highlights

  • The global insurance industry reached $6 trillion in premiums in 2018. The sharing economy in insurance is disrupting primarily non-life insurers (specifically motor, property, and liability).
  • The sharing economy in insurance blurs the lines between personal and commercial use of assets, posing challenges when establishing liability.
  • So far, innovation in insurance for the sharing economy in insurance has focused on personal rather than commercial lines. For instance, some companies have developed add-ons for personal lines to provide cover for commercial activities.
  • The potential of the sharing economy in insurance is still untapped, and new shared mobility models will bring further lucrative opportunities to insurers.

Reasons to Buy

  • Identify leaders in insurance provision for the sharing economy.
  • Understand how competitors are looking to break into the market.
  • Identify opportunities in a growing market where insurance provision can be made simpler for the customer.
  • Determine how insurance is provided in different segments of the sharing economy.

QBE
Mulsanne
Allianz
Zego
AXA
Liberty Mutual
Progressive
Inshur
Zurich
Generali
Sompo
Pikl
State Farm
Tokio Marine
Chubb
Zurich
Nationwide
USAA
Guardhog
Travelers
Shuidihuzhu
Friendsurance
Ledger Investing
Lemonade
Nexus Mutual
Laka
Versicherix
Otherwise
Tapoly
Dinghy
Superscript
Slice
Coverdash
Airbnb
Uber
HiyaCar
Karshare
Just Park
Camplify
Lime
JUMP
Vrbo
Onefinestay

Table of Contents

  • 1. Executive Summary
  • 2. Players
  • 3. Thematic Briefing

    • 3.1. The benefits and drawbacks of the sharing economy
    • 3.2. Insurance in the sharing economy

  • 4. Trends

    • 4.1. Technology trends
    • 4.2. Macroeconomic trends
    • 4.3. Regulatory trends

  • 5. Industry Analysis

    • 5.1. Market size and growth forecasts
    • 5.2. Use cases
    • 5.3. Timeline

  • 6. Signals

    • 6.1. M&A trends
    • 6.2. Company filing trends
    • 6.3. Hiring trends

  • 7. Value Chain

    • 7.1. Shared assets and services
    • 7.2. Infrastructure
    • 7.3. Sharing economy platforms

  • 8. Companies

    • 8.1. Public companies
    • 8.2. Private companies

  • 9. Sector Scorecards

    • 9.1. Non-life insurance sector scorecard

  • 10. Glossary
  • 11. Further Reading
  • 12. Our Thematic Research Methodology
  • 13. About GlobalData
  • 14. Contact Us

Frequently asked questions

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