InShare Company Profile

Background

InShare, established in 2019 and headquartered in Scottsdale, Arizona, specializes in providing tailored insurance solutions for the sharing economy. The company's mission is to deliver risk management products and services that protect businesses, brands, and assets within this rapidly evolving sector. InShare's primary focus is on the Final Mile Delivery industry, offering commercial auto insurance programs designed to meet the unique needs of operators ranging from Amazon Delivery Service Partners (DSPs) to regional and local delivery services.

Key Strategic Focus

InShare's strategic objectives include:

Customized Insurance Products: Developing insurance offerings specifically designed for the sharing economy, addressing the unique challenges faced by independent contractors and gig workers.

Risk Management Solutions: Providing tools and services that help businesses control costs, manage risks effectively, and ensure the safety of their operations.

Technological Integration: Leveraging technology to streamline claims processes, enhance user experience, and deliver efficient end-to-end insurance solutions.

Market Expansion: Extending services to various segments within the sharing economy, including rideshare, last-mile delivery, carshare, homeshare, and e-mobility markets.

Financials and Funding

In August 2021, InShare secured $7.5 million in seed funding from investors including ManchesterStory, The Hive, and Avanta Ventures. This capital is intended to support the company's expansion into new markets, enhance technological development, and launch new products aimed at providing additional protections for gig workers.

Pipeline Development

InShare has been actively developing and launching insurance products tailored to the needs of the sharing economy:

Occupational Accident Insurance: In June 2022, InShare, in partnership with Skyward Specialty Insurance Group, introduced an occupational accident insurance offering for independent workers in sectors such as trucking, rideshare, and gig delivery. This product ensures that independent contractor drivers who suffer injuries on the job have access to work injury benefits.

Final Mile Delivery Insurance: The company has built a commercial auto insurance program from the ground up, specifically tailored to the unique needs of Final Mile Delivery operators, including Amazon DSPs and regional/national delivery programs.

Technological Platform and Innovation

InShare differentiates itself through its technological platforms and innovative approaches:

Proprietary Technologies: The company utilizes tech-enabled end-to-end claims offerings that reduce operating costs and deliver an optimal user experience.

Scientific Methodologies: InShare employs data science and actuarial expertise to develop risk management products that lower insurance costs and improve workflows.

Leadership Team

InShare's leadership comprises experienced professionals with deep roots in the sharing economy and insurance sectors:

Mark Warnquist: Co-Founder and Chief Executive Officer. Mark brings extensive experience from his tenure at Uber, where he gained insights into the challenges of commercial auto and final mile delivery.

Sean Fitzsimmons: Co-Founder and Chief Underwriting Officer. Sean has a background in insurance and risk management, contributing to the development of tailored insurance products for the sharing economy.

Brandy Mayfield: Chief Underwriting Officer. Brandy joined InShare in 2021, bringing experience from Allstate's Shared Economy practice, where she helped establish and run the division.

Pooya Sarabandi, Ph.D.: Chief Product & Technology Officer. Pooya is an InsurTech veteran who has built and scaled several startups, contributing to InShare's technological advancements.

Leadership Changes

In 2021, InShare expanded its leadership team with the addition of:

Brandy Mayfield: Appointed as Chief Underwriting Officer, bringing expertise from her role at Allstate's Shared Economy practice.

Pooya Sarabandi, Ph.D.: Joined as Chief Product & Technology Officer, leveraging his experience in building and scaling InsurTech startups.

Competitor Profile

Market Insights and Dynamics

The sharing economy has experienced significant growth, with a 2019 Gallup Poll indicating that 36% of U.S. workers were engaged in some form of independent work, equating to approximately 57.5 million people. This expansion has created a demand for specialized insurance products tailored to the unique needs of gig workers and platform companies.

Competitor Analysis

InShare operates in a competitive landscape with several key players:

Foxquilt: A Toronto-based InsurTech company offering tailored insurance solutions for small businesses and the sharing economy.

Broker Buddha: A New York-based company providing digital solutions to streamline the insurance application and renewal process for brokers and clients.

Talage: A Reno-based InsurTech firm focusing on simplifying the commercial insurance purchasing process for small businesses through automation and digital tools.

Strategic Collaborations and Partnerships

InShare has established significant partnerships to enhance its market position and service offerings:

Skyward Specialty Insurance Group: Collaborated to launch an occupational accident insurance product for independent workers in the gig economy, addressing a critical protection gap for this workforce segment.

Granada Indemnity Company: Partnered to bring an expanded, market-leading program to the Final Mile Delivery space, leveraging Granada's A- (Excellent) rating by AM Best Company.

Operational Insights

InShare's strategic considerations include:

Market Positioning: Focusing exclusively on the sharing economy allows InShare to develop specialized products that address the unique challenges of this sector, differentiating itself from traditional insurers.

Competitive Advantages: The leadership team's firsthand experience with platform companies like Uber and Lyft provides InShare with deep insights into the needs of gig workers and platform businesses, enabling the creation of tailored insurance solutions.

Strategic Opportunities and Future Directions

InShare's strategic roadmap includes:

Product Expansion: Developing a series of insurance products tailored for various segments within the gig economy, including rideshare, last-mile delivery, carshare, homeshare, and e-mobility markets.

Technological Enhancements: Investing in technology to streamline claims processes, enhance user experience, and provide efficient end-to-end insurance solutions.