Ride Sharing Gap Protection Coverage Qorus Innovation in Insurance Awards 2016

Submitted by

USAA

Premium

21/04/2016 Insurance Innovation

Ride sharing companies, also known as transportation network companies (TNCs), generally provide commercial insurance coverage from the time the driver accepts a trip and for the duration of the trip and personal auto insurance covers the driver while the TNC app is off (not available to provide rides).

Innovation details

Category
Best Disruptive Product or ServiceKeyword
Car & Mobility insurance

Innovation presentation

Personal auto insurance covers the driver while the TNC app is off (not available to provide rides). A gap in coverage exists between the personal auto insurance policy and the commercial insurance policy provided by the TNCs when the ride-sharing app is “on” and the driver is available, but has not been matched with a fare. The external environment presents significant competitive and innovation challenges as major carriers introduce their own products.

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