Insuretech SURE is rolling out a new insurance product, underwritten by Chubb, that provides additional medical and accidental death and dismemberment coverage for passengers ridesharing services.
The RideSafe gives passengers the ability to buy one-day coverage by downloading the SURE insurance app and connecting their Uber or Lyft account. Once the passenger registers and his or her account is authorized, coverage begins automatically as soon as they enter the vehicle. The policy is in effect for 24 hours regardless of the number of rides he or she takes during that period and once lapsed, coverage renews automatically when the passenger takes the next Uber or Lyft ride. Individuals have the ability to pause and restart the automatic coverage through the app.
“As we see ridesharing services and autonomous cars evolving, and the market develops from its nascent state, the data will become richer and we’ll be able to collect information on who, what, where and when rides occur, as well as other variables like whether a trip is for business or pleasure,” says Wayne Slavin, SURE’s founder and chief executive officer.
While the company collects enough data to refine models, premiums will be set price for based on geography, although SURE is looking to incorporate user experience data into its model in the future. The company’s long-range plan is also to provide the same insurance for passengers of autonomous ridesharing fleets as ownership for these vehicles evolve from personal ownership to a service model.
The company’s target market for RideSafe is broad, applicable to everyone using rideshare services, from students on up to seniors. SURE currently offers RideSafe coverage in 38 states, although the company is looking to expand to all 50. It hopes to eventually include varying coverage and offering ride-based policies to cover riders of rental bikes and electric scooters. “We want to give individuals options for alternative types of insurance that suit their lifestyle,” Slavin explains.
Slavin points out that the industry’s changing and both insurers and rideshare companies benefit from innovative products. “Companies like Uber and Lyft are providing a delightful service and changing people’s lives but insurance isn’t their core business. Carriers know the insurance business but don’t necessarily know how to do the technology and we don’t want to disrupt them,” Slavin explains. “We know how to bridge the two, bring the insurance product, make it easy, connect the consumer and make this novel coverage work.”