What drives the sharing economy? Three-quarters (75 percent) of sharers mention convenience as a factor, while more than half cite price. But customer loyalty is another element. Consider that 91 percent of sharers would recommend the last sharing service they used. In other words, customers are more than users; they are also advocates.
Insurers can look to the sharing economy as a way to deepen customer connections and broaden their prospect base. For example, an innovative insurer might work with a sharing company to develop an offering or technology to interact with the owner of a car or home, as well as the renters that conduct business with that owner.
Savvy insurers might find themselves allied with sharing companies that not only provide them with valuable data, but also help to promote the insurer among thousands—or millions—of participants.