The fast-moving sharing economy platforms require unique insurance solutions. Enter InShare, an Avanta Ventures portfolio company. By leveraging disruptive technologies to create customer-centric insurance solutions, InShare is a crucial player in the future of insurtech. We recently spoke with Mark Warnquist, CEO and Co-Founder of InShare, about how his company empowers the sharing economy by delivering tailored risk management products and services.
How do you impact your clients’ and customers’ lives?
From tech-enabled products to specialized pricing to emerging regulatory challenges to digital claims at scale, insuring the sharing economy is unique. InShare Services was founded on our deep experience managing some of the world’s largest platforms and has allowed us to uniquely understand the needs of these markets. The InShare team is made up of Uber, Lyft and Airbnb alums, who possess deep experience and expertise in insurance, risk management, and claims with leading insurance carriers and brokers. Our goal is to be the source for unique solutions of digital platforms across Last-Mile Delivery, Rideshare, Carshare, and Adjacent Markets insurance and claims solutions including.
Insurance can be both an enabler and a top three expense item for sharing economy platforms. Our insurance solutions enable our customers to market and scale their business effectively. That means we lower their insurance costs significantly, position them to expand or enhance a product offering, and deliver a better customer experience that provides a competitive advantage.
Our mission is to help our clients create a better future and positively impact their customers, brand, and business.
Tell us more about your company.
We alter the landscape of risk through creative, forward-thinking solutions allowing our customers to disrupt the status quo, eliminate stagnation and create a competitive advantage.
Our service offerings fall into two broad categories:
- We develop and implement innovative insurance programs tailored to the needs of the Sharing Economy’s dynamic needs
- We work with platform companies, insurance carriers, and managing general agents to improve claim outcomes, including operational efficiencies, positive financial results, and a better customer.
What industry are you targeting?
As “platform insiders”, we specialize in delivering insurance solutions for the unique needs of fast-moving platforms. The markets we’re currently targeting include: the Last-Mile Delivery, Rideshare, Carshare, Homeshare, Food-Delivery, and eMobility. We leverage deep industry expertise to alter the landscape of risk through creative and forward-thinking solutions.
The sharing economy insurance market in North America is estimated to be a $4B market.
What current technology trends in the insurance industry and world at large have an impact on your business?
Leveraging telematics to improve risk management, price risks, and deliver superior claims outcomes is a key trend for auto-related insurance solutions in our industry. Across property and casualty claims, Covid-19 has proven the benefits and need for virtual claims management, while enhanced automation and AI capabilities are changing the claims landscape. They’re delivering substantial operational efficiencies, fraud management, and the digital experience that today’s customers expect.
How is your approach unique to the market/industry?
We have a deep appreciation for the needs and challenges of the sharing economy because we’ve seen and lived it from the inside. We’ve been on the inside and know the challenges in creating insurance programs for companies that are growing at breakneck speeds. Since we know those challenges, we’re uniquely qualified to understand what your potential problems might be before they hit your business. We bring that experience to our solutions every day to help startups get off the ground with the insurance they need, enabling early-stage companies to scale. We aim to position other companies to foresee the challenges ahead, avoid costly mistakes, and bring about solutions that deliver a competitive advantage.
We operate on three core values:
- Be curious. We ask “why?” We question the status quo, leaving no stone unturned.
- Be uncommon. We join forces with those seeking to be different and do the impossible. We are not your traditional insurance partner.
- Be transparent. We welcome, seek, and encourage honest, frank, and open conversations.
How has partnering with Avanta Ventures and CSAA Insurance Group impacted your business growth?
Similar to the fact that our team has deep expertise in providing solutions for the sharing economy, Avanta Venture’s and CSAA Insurance Group’s expertise and experience with early-stage companies enabled us to build a foundation for success and avoid many of the pitfalls that entrepreneurs face as they build a product set, leverage technology, and grow smartly.
Overall, we believe that this opens up opportunities for us to collaborate with other key players in this space, especially insurtechs and carriers.