Inshur, a global insurance provider for the on-demand economy headquartered in United States, has secured US$35 million in funding from Trinity Capital.

This investment will support the company’s expansion in the United States and enhance its profitability while developing its insurance solutions.

With this latest funding, the company aims to achieve profitability within the current fiscal year.

The funding will also be used for research and development, focusing on the use of AI technologies for underwriting and real-time pricing.

The capital will allow the company to expand its services for mobility platforms and rental car businesses, including Uber’s “Bring Your Own Insurance” program.

Founded to streamline commercial insurance for drivers and fleet operators, INSHUR has sold over one million policies in the UK.

🔗 Source: Inshur

🧠 Food for thought

1️⃣ On-demand insurance marks a significant shift in the traditional insurance landscape

INSHUR’s $35 million funding round highlights the growing momentum behind flexible insurance models designed for the digital economy, representing a significant evolution from their $7 million Series A round in 2019 1.

On-demand insurance enables customers to purchase policies that can be activated and deactivated as needed, directly addressing the requirements of gig economy workers who need coverage only during specific working hours 2.

This shift toward flexibility is technology-driven, with real-time service delivery aligning perfectly with the expectations of tech-savvy consumers who increasingly prefer customization in their insurance coverage rather than traditional annual policies 2.

The model is particularly effective for microinsurance products like those targeted at rideshare drivers, allowing for affordable, short-term coverage options that traditional insurers historically struggled to provide cost-effectively 2.

INSHUR’s focus on rideshare and delivery drivers puts them at the intersection of two major trends: the growing gig economy and the digitization of financial services.

2️⃣ AI adoption is transforming insurance underwriting at accelerating rates

INSHUR’s planned investment in AI technologies for underwriting and real-time pricing follows a broader industry trend, with AI applications in insurance expanding from customer service to core business operations 3.