Drover and Munich Re Announce Partnership
Staff Writer | September 06, 2017
Drover announces its partnership with Digital unit of Munich Re to launch a tailor-made product for ride-sharing drivers and fleet owners, who will be able to buy, renew, and maintain policies online through the Drover platform.
"This partnership between Drover and Munich Re will deliver game-changing cost savings and a whole new level of service for our customers," says Felix Leuschner, CEO and co-founder of Drover. "We couldn't be more excited to insure drivers and fleets through the first bespoke, digitally-native product for our industry."
Ride-sharing, which started as a San Francisco experiment in 2009, has grown into a huge vertical marking a paradigm-shift in urban transportation globally. The sector has attracted over $9 billion in funding in 2016 alone with millions of active drivers across several major platforms around the globe.
"Munich Re is committed to its continuous involvement in digitizing insurance to benefit clients and insurers around the globe," says Andrew Rear, chief executive of Digital Partners, a unit of Munich Re. "We're looking forward to continue watching Drover take on the ride-sharing insurance and car markets, which have become significant markets over the last years and are expected to continue to grow fast."
Ride-sharing drivers will now be able to buy insurance digitally as part of their car payments online, while leasing and rental companies can keep their vehicles insured when idle through one simple interface in a way that is low-cost and compliant with all regulatory insurance requirements set by Transport for London (TFL) and other regulators. Drover and Munich Re achieve significant efficiency gains over incumbent insurance products through digital distribution, on-boarding and claims handling processes and a sophisticated telematics integration, that is expected to drastically reduce expense and claims ratios, and are thus able to pass significant cost savings on to its customers.
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