Canada’s first on-demand insurance solution for short-term rental hosts announces next step in cross-country expansion
Toronto, ON (Oct. 2, 2019) – Duuo, a digital insurance brand created by The Co-operators, today announced its launch of Rent-my-Stuff Insurance, Canada’s first on-demand digital insurance for peer-to-peer sharing platforms. Now available through Traveling Munchkin, a Canadian platform that allows parents to find and rent baby gear from local families, Rent-my-Stuff Insurance provides protection for peer-to-peer rental-specific damages and losses.
This development reflects Duuo’s continued commitment to creating innovative insurance products that fit the needs of Canadians participating in a fast-paced and ever-changing digital economy. Rent-my-Stuff Insurance was developed by Duuo through their partnership with Slice Labs Inc. (Slice), the first on-demand insurance platform provider supporting tomorrow’s cloud-based, on-demand digital services ecosystems.
“Peer-to-peer rentals are emerging as the next phase of the sharing economy, with Canadians gravitating towards platforms like Traveling Munchkin to rent their personal equipment as a way to earn additional income,” says Robin Shufelt, Managing Director of Duuo. “One of the biggest barriers to adoption in the rental market, especially for those looking to rent out their belongings, is the fear of damage. Our goal with Rent-my-Stuff Insurance is to provide protection and peace-of-mind for those looking to rent their personal equipment.”
Participation in the sharing economy has grown by 25 per cent in the past year and shows no signs of stopping. Similar to short-term home rental platforms like Airbnb, peer-to-peer sharing empowers people to monetize underutilized assets and earn additional income. Like any form of rental, peer-to-peer sharing comes with risks. Rent-my-Stuff Insurance is designed to provide protection for the associated losses or damages.
The launch of Rent-my-Stuff Insurance through Traveling Munchkin represents Duuo’s first step into peer-to-peer personal equipment rental insurance. “We’re so thrilled to be partnering with Duuo,” says Samantha Vlasceanu, Founder of Traveling Munchkin. “With Duuo, I finally found an insurance partner who understood the sharing economy and was able to accommodate the unique needs of my users.”
Duuo is actively engaging with other rental platforms and looks forward to announcing their next peer-to-peer partner in the coming weeks.
1. Vision Critical: “Growth of sharing in the collaborative economy: Top categories and forecasts,” by Jeremiah Owyang (April 27, 2019).
See also: Slice Announces Duuo Release of New On-Demand Insurance Products Built on ICS (Oct. 3, 2019).
About The Co-operators
The Co-operators Group Limited is a Canadian co-operative with more than $41.7 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
duuo™ and duuo by co-operators™ are trademarks of The Co-operators Group Limited. Insurance products and services branded duuo by co-operators™ are offered by Co-operators General Insurance Company (CGIC).
SOURCE: The Co-operators