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In the sharing economy, access trumps ownership. That paradigm shift poses both opportunity and challenge for insurers. Innovative insurers will redefine risk and connect with a wider customer base—driving long-term growth and profitability.
The sharing economy brings people together through technology to exchange or rent access to goods and services. Entrepreneurs are building this economy by leveraging emerging digital technologies to meet customer needs in new and disruptive ways. Forbes predicts that the global sharing economy will grow by 25 percent in 2014, reaching just over $3.5 billion.
The sharing economy is forcing insurers to rethink all aspects of their business including product design, pricing, risk assessment and channel strategies. Establishing a leadership position in this space early in its development could be a source of significant, long-term competitive advantage.
This paper presents a current snapshot of the sharing economy in North America, with a focus on the segments of most interest to insurers—auto and home. It provides a glimpse into some of the major players; examines the regulatory and liability issues; outlines the opportunity for insurers; and frames the fundamental questions insurers must ask in order to guide their thinking on the path to leading innovation and gaining first-mover advantage.
Register to download the full report. [PDF, 360 KB]
July 15, 2014
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