16 This changing landscape means that insurers must adapt their traditional The growth of the sharing economy raises important questions about trust. products, to meet these changing needs in other industries. The trend away from Startupbootcamp 2018 participant Deemly has a role to play here, offering a ownership to borrowing across transport and mobility, property and co-working reputation and social verification tool for peer-to-peer marketplaces. Deemly means insurers must offer new products to serve this market. For example, creates a trust score for users across multiple marketplaces, allowing users Startupbootcamp 2018 startup ForestCar offers a new proposition: an airport car of these services to utilize their entire digital reputation in order to better sharing service, connecting car owners wishing to park at airports with renters participate in all peer-to-peer marketplaces. wishing to access vehicles. ForestCar itself owns no vehicles, and the necessary Sara Green Brodersen, founder and CEO of Deemly highlights the need for insurance product requires multiple parties, including the owner and the renter. collaboration in the sharing economy: “The sharing economy represents a huge It takes a forward thinking insurer to lead the pack and create a bespoke product unlocked potential for insurers to tap in to. By working with startups in this for such an offering. Whilst on the program, ForestCar has secured a partnership space they will have a better understanding of the market and its impact on and with Cuvva, a pay-as-you-go car insurance provider. need for future propositions.” Cyber risk and the sharing economy are just two examples of broad themes where the insurance industry now has an opportunity to innovate and drive value. Strategic partnerships with startups offering expertise and technological know-how in these areas offers huge potential to insurers seeking to explore new areas of growth. Other insurers will choose to watch and wait – but risk losing first mover advantage. “The sharing economy represents a huge unlocked potential for insurers in to tap in to.” Sara Green Brodersen, founder and CEO of Deemly