Ridesharing giant Uber has partnered with INSHUR to provide a range of insurance services to drivers who use the Uber app.
INSHUR is a mobile-first provider of commercial auto insurance for private hire drivers, and utilises information about average trips, location and driver ratings in near real-time. The data INSHUR collects is then used to make risk and pricing calculations, as well as to reward safer driving with cheaper policies.
The new insurance service is fully digital and looks to address the difficulties that private hire drivers have when purchasing specialist insurance, while at the same time rewarding safe driving. A survey reveals that more than 50% of drivers waited a day or more for their policies, with 11% waiting for one to two weeks.
Currently, private hire drivers have to complete paperwork and either call or visit a broker, which ultimately cost them money as it keeps them from working.
INSHUR’s app is designed to improve the efficiency of the process for private hire drivers, enabling users to login with their Uber ID, scan their licenses, select the protection they require and then pay for a policy on the app. According to Uber and INSHUR, this process takes just three minutes and drivers are also able to make amendments 24/7 without needing to wait for a broker.
As soon as a driver is covered, the insurance documents are automatically uploaded to the Uber platform and notifications are automatically sent once the driver is no longer online.
Fred Jones, Director, Uber London Limited, commented: “Safety is at the heart of everything we do and motor insurance is at the heart of private hire safety. We have introduced many new safety features in the app and improved our processes over the past 18 months. However, we won’t stop there because when it comes to safety on our platform, our work is never done.”
The pair also state that the partnership looks to lower insurance fraud. As the only 100% mobile PHV insurance provider in the UK, INSHUR is able to offer real-time digital checks that require no manual intervention. The firms note that INSHUR fraud protection is already built into the application process, including automated driver validation, such as scans of both Driving License and Private Hire Licenses.
INSHUR Co-founder, David Daiches, said: “We have built a data-driven technology platform, secured insurance capacity with a trusted global insurer and are scaling our business in New York and the UK.
“The relationship with Uber further extends our focus on technology, data and real-time usage based risk assessment. The aim will be to reward the safe and highest rated professional drivers, this is a great thing for everyone.”