Product Family

Solutions for Sharing Economy Platforms

Sharing economy companies face two interlinked challenges: achieving critical mass and ensuring trust and information security. That is, the success of these platforms requires creating a robust user base of people who want to lend or borrow all sorts of products. And the more the merrier; as more lenders start offering a wider variety of goods, that only serves to attract more people looking to take advantage of borrowing versus buying. A classic “virtuous circle.” At the same time, both sides of the transaction need peace of mind. Lenders are justifiably concerned about the possibility their possessions will be damaged or destroyed, or the borrower will be injured while using the item. And borrowers are equally concerned about their potential liabilities in the event of an inadvertent accident. Moreover, both parties want assurances that their personal data will be kept secure. This is where our innovative insurance solution comes into play.

Risk Consulting

Risk consultants providing comprehensive risk management solutions based on an understanding of client business priorities and goals.

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Our Holistic and Integrated Coverage (HIC) policy concept has a liability coverage approach at its heart:

  • It covers both the liabilities of the platform as well as the liabilities of the different parties involved in the transaction.

  • Our insurance solutions are packaged with the core service of the platform. Coverage is provided as a mandatory part of every transaction on the platform to avoid negative risk selection.
  • Coverage can only be triggered by a joint action of all transaction parties.
  • The exact coverage is tailor-made and will be agreed with the client.

Benefits and Services

The business model of the Sharing Economy is all about being pioneering and inventive. Our underwriting capabilities, knowledge and tailored insurance approach are a perfect match for the requirements of this industry. Working closely with our clients, we can craft bespoke solutions that fit your business rationale perfectly. They are the key enabler for building trust and minimizing the financial exposure for borrows, lenders and users. Also, our global reach means we can support Sharing Economy companies that aim to establish viable platforms in multiple countries.

Let’s talk and develop a solution that meets the unique needs of your business.

Client Profiles

  • Start-ups
  • Entrepreneurs
  • Existing businesses looking for growth and efficiencies in the online arena

Product Availability

Geographical coverage is for informational purposes only. Product and service offers can vary based on location, industry, risk profile and unique business needs.

The information contained herein is intended for informational purposes only. It’s is neither an offer to sell nor a solicitation to purchase any particular insurance product. Insurance coverage in any particular case will depend upon the type of policy in effect, the terms, conditions and exclusions in any such policy, and the facts of each unique situation. No representation is made that any specific insurance coverage would apply in the circumstances outlined herein. Please refer to the individual policy wordings for specific coverage details. AXA XL is a division of AXA Group providing products and services through three business groups: AXA XL Insurance, AXA XL Reinsurance and AXA XL Risk Consulting. Not all of the insurers do business in all jurisdictions nor is coverage available in all jurisdictions.

US- and Canada-Issued Insurance Policies. In the US, the AXA XL insurance companies are: AXA Insurance Company, Catlin Insurance Company, Inc., Greenwich Insurance Company, Indian Harbor Insurance Company, XL Insurance America, Inc., XL Specialty Insurance Company and T.H.E. Insurance Company. In Canada, coverages are underwritten by XL Specialty Insurance Company - Canadian Branch and AXA Insurance Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA Group.

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