Munich Re partners with insurtech Drover

Digital Partner, a unit of Munich Re, has entered into a partnership with insurtech company Drover to launch a tailor-made product for ride-sharing drivers and fleet owners.

Drover is a mobility platform that provides flexible access to cars inclusive of insurance for gig economy workers through a marketplace model.

"This partnership between Drover and Munich Re will deliver game-changing cost savings and a whole new level of service for our customers." said Felix Leuschner, CEO and co-founder of Drover, in a Sept. 6 statement.

Ride-sharing, which started as a San Francisco experiment in 2009, has grown into a huge vertical marking a paradigm-shift in urban transportation globally. The sector has attracted over $9 billion in funding in 2016 alone with millions of active drivers across several major platforms around the globe.

Andrew Rear, CEO of Digital Partners, said: "Munich Re is committed to its continuous involvement in digitizing insurance to benefit clients and insurers around the globe."

Through Drove, ride-sharing drivers will be able to buy insurance digitally as part of their car payments online, while leasing and rental companies can keep their vehicles insured when idle through one interface in a way that is low-cost and compliant with all regulatory insurance requirements set by Transport for London (TFL) and other regulators.

Digital distribution, on-boarding and claims handling processes and a telematics integration are expected to drastically reduce expense and claims ratios, and are thus able to pass significant cost savings on to its customers, according to the statement.

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