The INSURTECH Book

You Said … Sharing Economy?

By Sabine VanderLinden

CEO, Startupbootcamp InsurTech, Rainmaking Innovation InsurTech, The Proposition Circle

Insurers beware: there are ventures out there that are challenging traditional market practices across business-to-consumer and business-to-business markets. From freelancing platforms changing the way we work (SkillShare¹), to food-sharing platforms changing the way we share and connect to local communities (Shareyourmeal²), or ridesharing platforms (BlaBlaCar³) that allow groups of individuals to travel from A to B at a very low cost, leveraging spare spaces in drivers’ cars.

Collaborative, also called sharing or gig, economy businesses are leading new economic and social interactions across Europe and the world as a whole.

The number of people taking part in it has skyrocketed. Businesses such as Uber, Netflix, Airbnb, Zipcar, and TaskRabbit are competing with successful incumbents, entertainment companies, hotel chains, and car rental services by enabling each and every individual to outsource day-to-day activities to other qualified parties. And all this thanks to the ubiquity of digital technologies.

Collaborative consumption is no longer an unknown phenomenon for consumers and businesses. It provides economies around the world with sustainable opportunities for growth. At the same time, it is clear that it poses significant challenges for policy-makers and regulators to keep up with.

Not an Insignificant Market

Like many people ...