LONDON--(BUSINESS WIRE)--INSHUR today announces its new flex insurance options, a first for the Private Hire Insurance market. Drivers can choose any number of days of cover between 7 and 90 days. Alternatively, a customer can opt for a fixed term of 7, 14, 30 or 90 days or an annual policy. The innovation underlines INSHUR’s leadership and further strengthens its status as the preferred choice for UK Uber drivers.*
The new product is in direct response to the insurtech’s customer market data findings showing that of 157 drivers 87% asked for fully flexible insurance of between seven and 90 days.**
“For too long drivers have had to buy insurance products that suit the needs of the insurer and not the customer. Uber drivers deserve to get something better. If a driver wants to buy a flexible term product, we now offer that. Insurance is a cost for everyone and if we can reduce that burden we feel it’s the right thing to do and expect other insurers to follow our lead,” said John King, Head of Product at INSHUR.
INSHUR’s survey of 561 drivers found that 79% of drivers pay for their insurance monthly rather than yearly (20%), which is unsurprising as the yearly cost of commercial car insurance ranges between £1,000 and £3,000+ for over 99% of drivers.*
The Private Hire Insurance industry has been short on innovation but INSHUR is looking to change that. Traditionally only a fixed term 30-day, 90-day or annual policy was available. With INSHUR, drivers can buy a policy in minutes, which saves time not visiting or calling around brokers. With the new flex options, drivers are put in control, allowing them to pay for only the insurance they need.
David Daiches, COO and co-founder of INSHUR, says: “INSHUR was built on the ethos of making the lives of drivers simpler by improving the process of buying insurance. Because of this, 75% of our customer base has been referred to us through word of mouth. The only way to maintain this level of customer support is to remain a trustworthy company that cares about its customers. Our new flexible insurance builds on this ethos.”
*According to the information collected from INSHUR’s 2019 insurance survey that was answered by 561 UK-based Uber drivers.
**According to the information collected from a poll in INSHUR’s monthly newsletter, The Surge, in July 2019 which collected 157 responses from their newsletter subscribers.