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11 October 2021
Insurers will need to keep pace and evolve to provide new forms of cover that will be required to meet the growing needs of the sharing economy and mobility sector, global broker Marsh says.
The COVID-10 pandemic has caused a surge in “last mile” delivery services and accelerated the use of shared e-bikes and scooters, while driver sensor technology Original Equipment Manufacturers (OEM) are becoming involved in insurance.
A Marsh report, Mobility in a post-pandemic world: from evolution to revolution, says insurance has an essential role in ensuring trust as new solutions are adopted.
Opportunities exist in supporting gig-workers “at scale”, while increased use of digital payments for modes of transport from e-scooters to public transportation to car share rides, will also lead to innovative insurance solutions, the report says.
“The use of data from individual digital journeys can not only drastically improve the claims management process, but also create an opportunity for real-time individualised on-demand insurance,” Marsh says.
The start of the smartphone boom in the wake of the global financial crisis fuelled the first wave of mobility start-ups including Uber and Deliveroo, and current conditions have led to further expansion.
“It is remarkable how the pandemic has accelerated adoption of new mobility habits around the world,” Marsh US Sharing Economy and Mobility Centre of Excellence Head James Rose says.
“If insurance can keep pace and evolve with this accelerating mobility shift, it can empower growth and possibility in this sector for many years to come.”