How will Insurtech address the new risks of the Sharing Economy

The speed of technology changes everything as new business models changes their views on ownership and the value of things.

 

By FINTECH Books Contributor, Achim Hepp
Follow: @achimh

The speed of technology changes everything and especially the lifestyle of not only Generation Y.

It affects all people between 20 and 50 as new business models changes their views on ownership and the value of things.

This is what is know nowadays as the sharing economy.

With that said a lot of new risks and needs are created and insurance companies are struggling to meet the needs.

Combine this with the speed of things it is clear that this is the defining moment for insurtech startups that live and breath the same spirit.

While Insurtech and the new business models align at the moment, they will be developed in parallel in the near future.

The next Airbnb will already have an insurance model in place to cover all needs that can’t be addressed by insurance companies.