This is another example where a paradigm shift in the behaviours of both businesses and consumers is putting pressure on traditional service sectors like insurance to innovate and use technology to deliver new products and services.
It is exciting to see how companies like Vrumi and Z/Yen are finding innovative ways to use technology, like block-chain, and integrating it with more traditional businesses, like Lloyd's of London, which are typically run using long standing business processes using more legacy technologies.
Always good to see London referenced as a city that ranks highly for embracing technologies like crypto-currency. I hope to see more interesting innovation and technological development spawning from the UK over the coming years... Better still, I hope to be a part of it!
Sharing economy firm Vrumi allows homeowners with extra rooms to rent them out to people who need a space to run their business, while Z/Yen is a London-based think tank which focuses on using finance and technology to build a better society. Vrumi is particularly keen on the product as most traditional insurance packages do not allow homeowners to have paying guests, while SafeShare's solution can encompass counter-party obligations. The insurance solution uses blockchain, which is the technology that underpins cryptocurrency bitcoin, is underwritten at Lloyd's of London and offers a 24-hour claims hotline.