As the number of rideshare drivers continues to increase in the U.S., many face a complex gauntlet when seeking auto insurance solutions to meet their needs. Nationwide has taken an innovative step to develop on-demand rideshare insurance solutions for drivers who work for transportation network companies (TNC), such as Uber and Lyft, through its new partnership with Slice Labs, an insurance cloud services platform provider.
“This partnership exemplifies our commitment to innovation by leveraging technology to provide rideshare drivers with a flexible and comprehensive insurance product,” said Teresa Scharn, associate vice president of product development for Nationwide. “We are partnering with Slice Labs to develop a new insurance solution for rideshare drivers that is not available on typical ridesharing endorsements or available through TNC companies.”
Nationwide and Slice Labs are developing an insurance solution for rideshare drivers that will enable them to purchase on-demand coverage unique to their industry via an app, and at variable increments that align with the time they are driving for their ridesharing platform. Coverage spans from the moment rideshare drivers activate coverage on the app to when they stop coverage on the app. This timespan can range from just a few minutes up to multiple hours.
“The rideshare market is a prime example of the benefits of providing on-demand services to consumers,” said Tim Attia, CEO of Slice Labs. “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.”
Nationwide plans to launch its new insurance solution for rideshare drivers later this year.
Nationwide innovation efforts gain momentum
The partnership with Slice Labs is one of many actions Nationwide is taking to meet member needs now and in the future. Other actions include:
- Nationwide’s venture capital team has made several investments to date, including Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.
- Nationwide plans to open a new innovation center in the Arena District near its Columbus, Ohio-based headquarters in 2019.
Nationwide is committed to driving innovation that helps members:
- Live comfortably in retirement
- Meet their insurance and financial needs in novel and digital ways
- Protect their data and digital assets
- Protect them in the evolving area of mobility
About Slice Labs Inc.
Slice Labs Inc. is the insurance engine behind tomorrow’s cloud-based, on-demand digital services ecosystems for the new economy. Through the Slice Labs Insurance Cloud Services (ICS) platform, Slice Labs is enabling insurers, technology companies, and other service providers to build truly intelligent and intuitive, pay-as-you-go digital insurance products protecting the insured anytime and anywhere. To stay up to date with Slice, visit http://www.slice.is and follow @SliceLabs on Twitter.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poors. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.