Uber sees value in embedded insurance
In addition to embedded insurance offers, with its new Cover Genius-enabled capabilities, Uber will offer platform-driven features such as automated payouts and charging based on driving data.
CEO and Co-founder of Cover Genius Angus McDonald says: “We’re proud to partner with Uber to offer drivers protection, embedded seamlessly within the app.
“As the number of rideshare drivers around the world skyrockets, it's critical for rideshare, delivery and other apps to partner with insurtechs to protect both sides of their marketplace with tech-forward solutions.
“This key partnership ensures Uber’s drivers can get back on their feet if something goes wrong, and furthers our mission to protect the customers of the world’s largest digital companies.”
Uber drivers that sign up for XCover will be offered pay if injured while driving or otherwise, with per kilometre premium costs.
Cover Genius says it will make sign-up for drivers form-free and seamless, with onboarding done through the Uber app.
This gives drivers easy access to Cover Genius’ instant payments and claims servicing, which has received a leading Net Promoter score of +65 in recent times.
Araceli Almeida, Senior Manager, Driver & Safety Operations of Uber in Brazil adds: "We are always looking for new options to protect the drivers who choose our platform, and with Cover Genius we are able to offer an efficient form of income protection which is optional and complements the regular insurance that already covers all of our trips."
Earlier this year, InsurTech Digital spoke to McDonald, where he spoke of his mission to disrupt the “siloed, country-specific, and difficult to work with” insurance industry by launching Cover Genius.
McDonald founded the insurtech alongside Chris Bayley, who our sister publication, FinTech Magazine, caught up with at Money20/20 Europe to discuss the growing popularity of cancel for any reason (CFAR) embedded insurance products.
Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18th-19th October 2023.
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