Sharing economy spells opportunity for insurers

Follow the trends: Insurers must rethink traditional insurance products to support sharing economy platforms. — Bloomberg

AS THE sharing economy continues to grow exponentially, a recent research by Lloyd’s and Deloitte calls attention to the role of the traditional insurance industry in supporting shared platforms as they grow and develop.

“Sharing economy platforms have transformed entire industries because they’ve rejected the status quo and challenged the way we think about once traditional goods and services. In order to effectively serve the sharing economy, we, as insurers must follow that example and rethink traditional insurance products,” said Lloyd’s head of innovation Trevor Maynard.