New Aite Group Report on Ridesharing and On-Demand Delivery Drivers: Insurance Attitudes and Behaviors

Ridesharing is only the most visible tip of the car-utilization iceberg; Insurers need to better address all the needs of drivers

Boston, MA (Feb. 8, 2016) – The spread of ridesharing as a part-time or full-time job has been a hot-button issue for the insurance industry for the past few years. As of January 2016, well over 400,000 drivers in the United States alone partake in ridesharing. Ridesharing is only the most visible tip of the car-utilization iceberg, however. In the coming years, drivers will likely have more ways to leverage their cars to generate income. Package, food, and other types of delivery are still nascent but developing. A variety of models are emerging, and not merely for short-distance delivery.

Aite Group’s recent report, Ridesharing and On-Demand Delivery Drivers: Insurance Attitudes and Behaviors, notes that insurers need to upgrade their policies and endorsements to address the issue of package delivery.

This report’s author and research director of Aite Group’s Insurance practice, Gwenn Bezard, points out that “while most of our respondents expect to solely drive people moving forward, 26% expect to be doing both rideshares and package delivery, and an additional 4% expect to strictly focus on deliveries. That’s a solid 30% of rideshare drivers that insurers are not effectively addressing today.”

While in 2015 U.S. insurers attempted to better address the needs of drivers, much remains to be accomplished. Aite Group’s report offers other strategies and recommendations for how insurers can better address this ever-changing market.

About Aite Group

Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, securities & investments, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.

Source: Aite Group