Disruption of car rental forms by Turo and analogue taxi firms by Uber, Lyft et al highlight the impact of legislation for good or bad.
The outcomes will impact the strategies that insurers must implement to maintain their share of insurance premiums. Not to mention autonomous vehicle fleets of course.
Have you anticipated the opportunities and threats as an insurer, ecosystem leader or insurtech?
Turo’s mission is to put the world’s more than 1 billion cars to better use by allowing car owners to share their otherwise idle asset and offset the high cost of car ownership. Although it doesn’t own a fleet of cars and it is not a rental car company, Turo threatens the conventional rental car model. Rather than innovate themselves, rental car companies have sought to legislate Turo and other peer-to-peer car sharing programs out of business, putting their own entrenched interests ahead of consumer choice and environmental responsibility. Since we are not a rental car company, existing rental car regulations don’t apply to Turo. However, we are more than happy to have a direct and forthright conversation with any legislative body about how to appropriately regulate peer-to-peer car sharing.