Insuring the sharing economy with Chris Moore

Welcome to Insurance Covered! The podcast that looks at the inner workings of the insurance industry with the help of expert guests.

For this episode we are joined by Chris Moore, Head of ibott, Deputy Active Underwriter 1971 at Apollo Syndicate Management Limited and our topic is insuring the sharing economy.
Chris explains what is meant by the sharing economy, giving examples of ride sharing platforms and platforms that allow for accommodation to be rented as alternatives to standard hotels. These companies are technology focused and provide innovative and convenient solutions to their customers. He then goes on to give insight into how these apps are 'disruptors' that are changing the way some of the biggest companies do business.

He goes on to explain that a key driver in the rise of the sharing economy can be attributed to the cultural differences between generation X and millennials. "Generation X is fascinated by assets, owning your first house and getting a car as quickly as possible. Contrast this to the millennial approach where experiences are valued over assets". 
Chris then gives insight into how insurance of the sharing economy works explaining insurance within the sharing economy can be more flexible and adjustable depending on the current usage and level of exposure. Access to GPS data, telematics, information on average speeds allows for more detailed and accurate measure of exposures at any given time allowing for adjustable rates of insurance. 

He explains that a key part of what they are doing at Apollo is looking at the innovative companies taking over the sharing economy and trying to create equally innovative insurance solutions for them in an almost bespoke fashion. 

Finally, Chris gives us his thoughts on what innovative insurance products we are likely to see in the next 2-5 years.

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