London, 27th January 2022 – In July 2021, Aioi Nissay Dowa Europe (AND-E) and its subsidiary Toyota Insurance Services (TIS) partnered with ibott, a division of Apollo, to develop a range of insurance solutions for the shared mobility sector. Now the partnership has created tailored solutions for one of the world's largest peer-to-peer car sharing companies, TURO.
As the sharing economy is projected to continue expanding and disrupting many established industries, including the mobility sector, it is clear that traditional ways of doing business need to become more fluid and that new risks and uncertainties are emerging. One of the challenges is that traditional insurance models don’t readily fit these new business models.
That’s where AND-E and TIS come in. Together with ibott, tailored solutions have been created that enable sharing economy companies like TURO to offer a more complete coverage to their customers. Peer-to-peer car sharing blurs the lines between commercial and personal auto exposures and presents some challenges for traditional insurance products. The partnership of AND-E, TIS and ibott has addressed this with its innovative approach around new risk factors and a flexible pricing structure unlocking a whole new way of assessing risks and uncertainties.
Journeys through TURO are to be covered by AND-E in the future, as the risk written has been transferred from one of largest general insurers globally.
Adrian Steele, Head of Insurance Solutions, Aioi Nissay Dowa Europe comments: “We are delighted, together with the Apollo group, to have TURO as a partner and fully embrace the direction of its business. As the mobility sector grows, building innovative insurance solutions to meet this dynamic sector’s needs becomes ever more important."
Apollo has worked closely with TURO to harness the rich data it has collected through its business model in order to create a future proof insurance solution that will support TURO’s marketplace with comprehensive coverage, driving growth in the mobility sector and beyond.
Chris Moore, Head of ibott, Apollo Group says: “TURO shares in the Apollo vision of embedded data driven insurance solutions and we are pleased to partner with them. The road ahead is exciting for TURO and Apollo and all of our insurance and reinsurance partners are excited to be part of this journey.”
Xavier Collins, Vice-President - UK, TURO adds: "Thanks to our new partnership with AND-E in the UK, TURO is now one step closer in the UK to fulfilling our vision of putting the world’s one billion cars to better use. Car owners in the UK can list eligible vehicles valued up to £100,000 meaning a wide collection of vehicles are available for booking on TURO including the Tesla Model S. Hosts aged 18 and above can list their vehicles, creating an opportunity for entrepreneurs young and old to build a small car sharing business on the TURO marketplace."
For further information or interviews please contact:
AND-E Press Office
Wendy Harrison/Jane Lewis
Tel: +44 (0) 208 977 9132
Tel: +44 (0)20 3169 1969
About Aioi Nissay Dowa Europe:
The Aioi NissayDowa Europe Group (AND-E) is a group of companies, headed by AioiNissay Dowa Europe Limited (ANDEL), who are subsidiaries of the Japanese insurance giant MS&AD Insurance Group Holdings, Inc., one of Asia’s largest insurance groups. With a principal focus on providing auto-centric insurance and protection products, either directly or on behalf of strategic partners, AND-Eoffers both retail and corporate products with the approach tailored to best meet local needs. AND-E’s vision is ‘To lead the way in connected mobility protection’.
AND-E has a close working partnership with Toyota Motor Corporation, the largest single shareholder of MS&AD Insurance Group Holdings, Inc. Through its majority shareholding in Toyota Insurance Management SE (TIS), it provides Toyota's insurance expertise across Europe and the same for Lexus under the trading style of Lexus Insurance Management.
AND-E acquired Insure The Box Limited, the largest telematics insurance provider in the UK. Other subsidiaries include the life insurance company, Aioi Nissay Dowa Life Insurance of Europe AG (ANDLIE).
About Apollo Syndicate Management/ibott
Apollo Syndicate Management Limited is an independent specialist insurer and reinsurer with a team of talented and experienced professionals across a number of specialty lines. Apollo offers adaptable and flexible underwriting services at Lloyd’s and leads a number of London market consortia.
Apollo’s market-leading underwriting talent has allowed the business to spearhead sharing economy initiatives such as ibott (“Insuring Businesses of Tomorrow, Today”).
TURO is the world’s largest peer-to-peer car sharing marketplace where you can book any car you want, wherever you want it, from a vibrant community of trusted hosts across the US, Canada, and the UK. Guests choose from a totally unique selection of nearby cars, while host earn extra cash to offset the costs of car ownership.
A pioneer of the sharing economy and the travel industry, TURO is a safe, supportive community over 20 million strong with more than 650,000 vehicles listed and over 1,500 unique makes and models available. Whether it’s a rugged truck to help out on moving day, something smooth and buttery for a luxurious weekend away, or a vintage van for a picture-perfect road trip, TURO lets you find the perfect vehicle for your next adventure.