Nationwide to launch on-demand UBI for rideshare
Nationwide has partnered with insuretect Slice Labs to create on-demand auto insurance for rideshare drivers.
While rideshare driver have become the norm and are projected to increase in the U.S., insurance hasn't been as user-friendly as it could be. Nationwide's new product will permit rideshare drivers to purchase insurance coverage that only bills while in use. The goal is for transportation network companies like Uber and Lyft to integrate easily with the new product through Nationwide's partner, Slice Labs.
Teresa Scharn, associate vice president of product development for Nationwide says, “This partnership exemplifies our commitment to innovation by leveraging technology to provide rideshare drivers with a flexible and comprehensive insurance product.”
Fees are charged based on a per-mile rate, which is expeted to be about 10 cents per mile. but not finalized to be priced at ten cents per mile. It is expected to release later this year.
Tim Attia, CEO of Slice Labs shared, “The partnership with Nationwide is an important step in the evolution of the traditional auto product to meet the demands of future mobility solutions in an increasingly digital and on-demand world. On-demand insurance is a different to purchase insurance, bringing the world of spotify where you can buy the song versus the entire album.”