This week, Duuo, a digital insurance brand created by ICMIF member The Co-operators (Canada), announced the launch of Rent-my-Stuff Insurance, Canada's first on-demand digital insurance for peer-to-peer sharing platforms. Now available through Traveling Munchkin, a Canadian platform that allows parents to find and rent baby gear from local families, Rent-my-Stuff Insurance provides protection for peer-to-peer rental specific damages and losses.
Duuo says this development reflects its continued commitment to creating innovative insurance products that fit the needs of Canadians participating in a fast-paced and ever-changing digital economy. Rent-my-Stuff Insurance was developed by Duuo through their partnership with Slice Labs Inc. (Slice), an on-demand insurance platform provider supporting cloud-based, on-demand digital services ecosystems.
"Peer-to-peer rentals are emerging as the next phase of the sharing economy, with Canadians gravitating towards platforms like Traveling Munchkin to rent their personal equipment as a way to earn additional income," says Robin Shufelt, Managing Director of Duuo. "One of the biggest barriers to adoption in the rental market, especially for those looking to rent out their belongings, is the fear of damage. Our goal with Rent-my-Stuff Insurance is to provide protection and peace-of-mind for those looking to rent their personal equipment."
Statistics show that participation in the sharing economy has grown by 25 per cent in the past year with no signs of stopping. Similar to short-term home rental platforms like Airbnb, peer-to-peer sharing empowers people to monetize underutilized assets and earn additional income, says Duuo. Like any form of rental, peer-to-peer sharing comes with risks. Rent-my-Stuff Insurance is designed to provide protection for the associated losses or damages.
The launch of Rent-my-Stuff Insurance through Traveling Munchkin represents Duuo's first step into peer-to-peer personal equipment rental insurance. "We're so thrilled to be partnering with Duuo," says Samantha Vlasceanu, Founder of Traveling Munchkin. "With Duuo, I finally found an insurance partner who understood the sharing economy and was able to accommodate the unique needs of my users."
Duuo says it is actively engaging with other rental platforms and looks forward to announcing their next peer-to-peer partner in the coming weeks.
Earlier this year, The Co-operators announced that it was further expanding its Insurtech investment by introducing a fund to facilitate partnerships with Insurtech firms. At the time, The Co-operators said that the investment fund reflects the organisation's commitment to address the unmet insurance and financial services needs of Canadians participating in a fast-paced and ever-changing digital economy.
"Innovation is key to providing financial security for Canadians and communities," says Rob Wesseling, President and CEO, The Co-operators. "We're collaborating with Insurtechs that offer cutting-edge technology and solutions to meet the changing needs and preferences of our clients."