Thursday 30 May 2019 10:32 am

Uber partners with insurtech startup to offer digital insurance

Ride sharing giant Uber has struck a deal with a US insurtech startup to offer digital insurance for its drivers. Inshur uses information about average trips, locations and driver ratings in near real-time to calculate the price of the driver’s policy. Read more: Uber facing £1bn VAT tax bill after HMRC opens investigation The startup says drivers can log into its app using their Uber ID, scan their licences, select a form of insurance and pay for their policy in the app within three minutes. Fred Jones, director, Uber London, said: “Safety is at the heart of everything we do and motor insurance is at the heart of private hire safety. We have introduced many new safety features in the app and improved our processes over the past 18 months.” Read more: Uber launches electric bike-sharing scheme Jump in London David Daiches, co-founder, Ishur, said: “We have built a data-driven technology platform, secured insurance capacity with a trusted global insurer and are scaling our business in New York and the UK. “The relationship with Uber further extends our focus on technology, data and real-time usage based risk assessment. The aim will be to reward the safe and highest rated professional drivers, this is a great thing for everyone.” In February Inshur closed a series A investment round led by reinsurance giant Munich Re, securing $7m (£5.6m) in equity funding and a further $2m credit facility. Uber’s float earlier this month in New York gave the company a valuation of $82bn. Read more: Four things we learnt from Uber’s stock market debut