The Co-operators continues rollout of on-demand insurance product

The Co-operators continues rollout of on-demand insurance product | Insurance Business

The Co-operators continues rollout of on-demand insurance product

duuo by co-operators – The Co-operators’ digital brand – has now expanded the availability of its first on-demand insurance product into six more provinces.

The provinces – Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Newfoundland & Labrador and Prince Edward Island – can now purchase insurance for short-term rental (homesharing) hosts via duuo.

The product first launched in Ontario, then in British Columbia and Alberta.

duuo’s product is meant to cover additional risks hosts face whenever they put their homes up for short-term rental or homesharing, particularly through services such as Airbnb, HomeAway, and VRBO. Customers only have to pay an average of $8 a night for the policy, which features coverage for the full replacement cost of a home and its contents.

The product also has additional coverage specific to short-term rentals, such as vandalism, infestation, liquor liability, and loss of income.

“As more Canadians participate in the sharing economy, new unmet insurance needs will continue to emerge,” said The Co-operators president and CEO Rob Wesseling.

“Our commitment to provide financial security and peace of mind while meeting the rapidly evolving needs of Canadians has driven us to innovate, and this insurance solution is a direct result of that. With duuo, we have built a collaborative platform to provide on-demand insurance solutions with a high degree of agility and flexibility.”

duuo is powered by Slice Insurance Cloud Services (ICS), a turnkey platform that allows insurers to easily create on-demand, digital insurance products. The platform utilizes machine learning and automation to make the process quicker and more efficient.

ICS has been developed by Slice Labs, a cloud-based solutions developer that The Co-operators recently led a funding round for.

 

Related stories:
The Co-operators launches digital on-demand homesharing insurance in two more provinces
The Co-operators launches on-demand insurance product for homesharing hosts