INSHUR and google cloud are set to dominate the global on-demand insurance market
By Chris Gray, CTO, INSHUR
The on-demand economy is growing in prominence to satiate the instantaneous needs from both businesses and consumers. Whether in the form of taxis, food delivery or courier services, we now rely heavily on this always-on workforce. Through data, technology and in-house insurance expertise, INSHUR is the fastest-growing global provider of insurance for the on-demand economy; our competitive on-demand insurance policies match drivers’ needs whilst delivering a seamless purchasing experience with the world’s biggest platform partners including Uber and Amazon.
Following our recent acquisition of American Business Insurance Services (ABI), we plan to accelerate growth by 200% across the United States, the United Kingdom, and the Netherlands next year. As part of that effort we selected Google Cloud Solutions to enable us to bring new products to market more quickly, leverage AI to automate key processes and support self-service options for customers, and support our global expansion.
Exceptional claims handling and processing capabilities are at the heart of INSHUR’s business across the US and Europe. Our specialist global team not only understands the complexities of insurance, we understand how technology can speed up and revolutionize the markets we are operating in, enabling us to take the helm of revolutionizing on-demand insurance. Our work with Google Cloud enhances the insurance claims process so that INSHUR can continue to create best-in class experiences to get drivers back on the road quickly.
Google Cloud’s ecosystem, including its Generative AI technology, is enabling us to speed up and deliver solutions quickly, as well as automate processes to eliminate redundant tasks – allowing the team to focus on tasks that add more value to the business, innovate around insurance products and quickly bring them to market for the on-demand driver. New features such as our digital ‘wallet’ enable on-demand drivers to top up their insurance funds so that they can pay-as-they-drive to suit the job – from ride hailing to delivery work. And our cloud native architecture, as well as our use of Google Cloud’s data platform such as Big Query means we can easily take advantage of new features and platform level launches quickly to enhance our products.
Data plays a huge role in pricing insurance fairly for on-demand drivers, and thanks to the ABI acquisition, we now have access to over 40 years of loss ratio data enabling us to build more tailored products as well as better underwriting performance for capacity partners. We’ll combine this loss ratio with other proprietary data sets and with the help of Google Cloud and our in-house technology expertise, continue to underwrite comprehensive driver coverage that can be delivered at scale. Coupled with INSHUR’s embedded technology into apps such as Uber and Amazon, on-demand drivers can quickly insure themselves for the type of work they do, no matter where they’re based.
INSHUR constantly prioritizes worker wellbeing and puts their safety first in an environment where insurance can at times be confusing to understand and navigate. Our unrivaled underwriting experience and technology safeguard drivers against sky-high premiums by using the best data to match their performance,giving us access to hundreds more factors so we can avoid the common insurance biases such as location, age and gender. By focusing on our expertise in technology and insurance, matched with deep insight into claims handling, INSHUR – through the power of Google Cloud – can build and scale a suite of products that augments our market position as well as deepen our relationships with capacity and platform partners.
As INSHUR continues on its upward trajectory, driving increasingly rapid global growth and expansion, we need to work with businesses that can help us scale quickly and effectively while continuing to provide the best service to our customers. As a market leader that is pioneering approaches to cloud technology and AI, Google Cloud is a great fit to help us stay ahead of the curve and keep delivering.