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Safeshare – Blockchain based Insurance Solution for Startups

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In View Summary

SafeShare is developing insurance products for platforms focused on the “sharing economy”.

SafeShare 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

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;

  1. 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.
  2. The maturity of bitcoin and the blockchain as a platform with regard to financial transaction enablement, storage, and recourse in the event of fraud.

Reported Benefits

Benefit to Customers

  • Useage based coverage processed in real time.
  • The opportunity to ‘opt in’ cover at any time.
  • 24 hours claim hotline.

Benefit to the Insurer

  • Addressing a new market of needs-based insurance solutions which are not offered by existing insurance providers.
  • Low cost of operation due to digital distribution and claims.

The Digital Insurer's View

The notion of the sharing economy has been embraced by tech savvy millennials worldwide. In this case, SafeShare is leveraging this trend to cover the risks associated with the sharing economy. Essentially, SafeShare is relying on its speed to market in order to capture market share in this space. If SafeShare can prove its technology is robust and also differentiated from traditional underwriters, it will be able to establish itself as the de-facto usage based underwriting solution for sharing economy platforms such as Airbnb, Vrumi and endless others.

References

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