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Bitesize Impact 25: Inshur

INSHUR is a digital MGA providing insurance for professional drivers.

The fact that Brighton-based INSHUR had written $24m of GWP within 10 months of launch caught our eye when we were selecting businesses for the InsurTech Impact 25 2019.  When we spoke with the team last week, we heard that 2019 revenue will be around 4x 2018 suggesting that growth is still healthy to say the least.

INSHUR is one of a growing number of InsurTechs working in the new mobility economy. They provide insurance to drivers using platforms such as Uber and Lyft.  Competitors include Impact 25 Member Zego – as well as traditional, bricks-and-mortar businesses who controlled local taxi markets before the digital age, and in many cases still do. In those models, drivers have to do everything on paper and it can often take days to receive the policy documentation. That means a loss of earnings. 

By contrast, INSHUR’s mobile app allows drivers to obtain a quote and purchase a policy in minutes. The company has built a regional sales team and has installed self-service pods in Uber’s ‘greenlight hubs’, where drivers are ‘onboarded’ and solve admin problems.

These are designed to look like cars, with an iPad in the middle of the steering wheel.

Once a driver is insured with INSHUR, policy documents are automatically uploaded to the rideshare platform’s systems (e.g. Uber). This means the platform has up-to-date evidence of a driver’s authorisation to work and avoids issues arising from uninsured drivers.

The streamlined process has gained INSHUR high ratings in mobile app stores and an NPS score of 75.

INSHUR has recently launched its Flex product which enables drivers to purchase cover for periods ranging from 7 to 90 days. Previously, only fixed 30-day and annual policies were available.

Looking forward to 2020, INSHUR is targeting further growth in their current UK and NYC markets. Expansion into another European market is also expected as the company replicates its current model in another location.

THE OXBOW PARTNERS VIEW

INSHUR is posting impressive growth numbers. Sceptical underwriters will be asking themselves whether businesses can make money in the taxi market. INSHUR say that their data-driven approach to business will see them through. Their MGA was launched in February 2018 and now, with nearly two years of underwriting data, they believe they are beginning to get an edge. Commenting on the market they say: “the average is performance is bad but the standard deviation is high”.

This is in line with our analysis of various underwriting portfolios and underwriting strategies. Appetite is often driven by historic anecdotes and experience rather than empirical analysis.

INSHUR is part of the Munich Re Digital Partners stable, which Oxbow Partners helped set up.

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Dougie Willins

Dougie Willins is a Senior Consultant at Oxbow Partners and an analyst on our Market Intelligence product. You can reach him at dwillins@oxbowpartners.com.

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