SafeShare Global is a UK based start-up developing insurance products for startups engaging in the “sharing economy”. For example, SafeShare has partnered with Vrumi, an office space sharing start-up to launch a new product to protect property owners from losses relating to damage and theft caused by commercial tenants from the Vrumi platform.
SafeShare’s underlying technology is based on software developed by the Z/Yen Group which also utilises a timestamping MetroGnomo to validate claims. Furthermore, SafeShare is based on block-chain which is used to both validate and facilitate transactions.
The insurance solution offered by SafeShare over blockchain is underwritten by Lloyd’s with a 24 hours’ claims hotline. Apart from offering real-time, convenient insurance solutions, the help of blockchain technology will also help insurance companies keep their costs low.
Alex Steinart, SafeShare’s co-Founder recently encapsulated the approach:
“Insurance for the sharing economy needs to be flexible and responsive to customer needs. Our distributed ledger approach, developed by Z/Yen Group, offers the opportunity to coordinate the provision of products between counter-parties in near real-time and to radically cut the cost of this coordination”.
Ultimately, SafeShare’s success will depend on two variables;
- The ability to find enough sharing economy platforms such as Vrumi who have the need for unique, usage based insurance products that traditional underwrites are not offering.
- The maturity of bitcoin and the blockchain as a platform with regard to financial transaction enablement, storage, and recourse in the event of fraud.