Essay on The On The Sharing Economy
The meteoric rise of the sharing economy has led to significant industry and public debate on how to handle the opportunities and challenges this new market presents, In line with our vision to excel at securing and enhancing the financial wellbeing of people, businesses and communities, whilst the sharing economy is still emerging it is important that CommInsure position our product to be able to adapt to this market place and ensure the financial wellbeing of our customers who are engaging in the sharing economy are protect.
The rapid growth in the sharing economy – in both company start-ups and consumer uptake –suggests that these new models and alternative consumption methods have satisfied a desire for a combination of lower costs, technology-based access and social interaction. Its rapid acceleration in popularity has overwhelmed the insurance markets ability to offer products that our customers expect from a leading insurance company. CommInsure has traditionally worked on a product release cycle of 3-5 years, with motor being 7 years plus, which does not align to a market place that has seen an entirely new market created in less than 5 years.
In Australia the two most well know sharing economy brands, Airbnb and Uber, are growing rapidly. Airbnb listings in Sydney alone have grown by over 80% in the past 12 months from 5692 listing in 2014 to 10,473 in 2015.
Uber now has more than 15,000 Uber drivers who service the more than 1…