Despite only being around for a decade, it’s nearly impossible to imagine our lives today without rideshare apps like Uber, Lyft, and Grab. But opening up your car to an endless parade of paying strangers inevitably comes with significant risk.
Insurance is typically one of the most expensive costs to drivers once they’re working for a Taxi and Limousine Commission (TLC) service, like Uber or Lyft. But this complicated, costly process is transformed by insurtech INSHUR.
INSHUR is a completely mobile platform that helps drivers secure affordable and simple TLC insurance. Getting a quote and policy from the app is simple and only takes moments, meaning drivers don’t waste time or money filing mountains of paperwork, wading through complicated jargon, and signing forms.
“One of our guiding principles from the get go was working to solve a real, persistent customer problem,” INSHUR CEO Dan Bratshpis said during a presentation at Insurtech NYC. “You see a lot of insurtechs trying to solve a problem that doesn’t already exist.”
INSHUR announced its partnerships with Clear Blue Insurance Group and Munich Re Digital Partners in 2018, when it officially began selling policies in NYC. Since then, the company launched in the UK and successfully completed a Series A funding round this year of roughly $7 million.
“We are excited to be working with strategic investment partners who understand the complexity of the Insurtech landscape and the opportunity that lays before us,” said Bratshpis. “I am proud of the bootstrapped growth we have achieved in our two territories to date, it’s a testament to our amazing team. Our first institutional round of funding will allow us to expand further into new territories and insurance verticals within the US and EU.”
INSHUR’s latest development is a partnership with Uber, which syncs INSHUR with Uber’s platform to provide private hire insurance for the company’s drivers.
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