iptiQ and Goboony introduced an innovative car sharing insurance solution, seamlessly integrated into the Goboony platform.
This initiative offers vehicle owners peace of mind as they make their personal recreational vehicles available for rent to other users on the platform.
iptiQ is a subsidiary of Swiss Re, one of the world’s leading providers of reinsurance, insurance, and other forms of insurance-based risk transfer.
Established to make insurance more accessible and easier to manage for everyone, iptiQ operates as a digital insurance engine that partners with trusted brands to offer insurance solutions directly to consumers. Unlike traditional insurance models, iptiQ nabling their partners to sell insurance under their own brands.
iptiQ and Goboony launch car sharing insurance solution
- Targeted motor insurance fully integrated into the Goboony platform
- Product provides certainty for vehicle owners as they rent out their personal recreational vehicles to other platform users
Launched in anticipation of the rental peak season, this API-based insurance solution addresses a significant need in the market.
With around two million private motorhomes in Europe sitting idle for the majority of the year—approximately 48 weeks—owners are naturally inclined to rent out their vehicles to offset the considerable costs associated with owning such assets.
However, the absence of appropriate motor insurance covering rental periods has been a significant barrier. Traditional motorhome insurance policies typically exclude coverage for damages incurred during rental to a third party, leaving a notable gap in protection.
iptiQ has bridged this gap for Goboony – a peer-to-peer rental platform.
Goboony identified a mismatch between the high demand for motorhome rentals and the limited supply, primarily due to the absence of suitable rental insurance, deterring vehicle owners.
Recognizing this issue, Goboony spent two years searching for an insurance solution that would empower their community of vehicle owners to rent out their motorhomes with confidence.
iptiQ responded by creating the Goboony Day Insurance, a tailored motor insurance product offering per-day coverage for vehicle owners.
This solution ensures that owners are automatically insured each time their vehicle is rented out, providing comprehensive coverage.
This includes damages to the rented vehicle, third-party damages, and roadside assistance in the event of an accident or breakdown, all for a reasonable flat fee of less than EUR 20 per rental day.
The day insurance is priced depending on the value of your vehicle and the driving record of the person hiring your vehicle. This way the insurance is only paid for when your vehicle is actually being hired out, so you won’t have to take out an annual self-drive hire policy and can keep your existing one for personal use. For the use of this insurance, a fixed rate from EUR 13 to EUR 20 will be deducted from your earnings as an advertiser, the exact amount depending on the value of your vehicle.
The collaboration between iptiQ and Goboony has culminated in a anticipated insurance solution with customer-centric approach and efficient delivery.
Foppe Mijnlieff, Chief Marketing Officer at Goboony, commended iptiQ’s dedication and work, highlighting the rapid development and implementation of the solution as exceptional within the insurance industry.
This partnership not only solves a longstanding issue for vehicle owners but also enhances the rental experience for both owners and renters, facilitating a more robust and accessible sharing economy within the recreational vehicle market.
iptiQ’s business model is built on a B2B2C (business-to-business-to-consumer) approach, where it leverages the existing customer bases of its partners—ranging from banks and retailers to utility providers and fintech companies—to distribute insurance products.
This model allows iptiQ to focus on what it does best: providing innovative insurance technology, underwriting expertise, and risk management, while its partners maintain the customer relationship and brand visibility.
At the heart of iptiQ’s operations is its technology platform, which is designed to be highly flexible and scalable, supporting the quick launch of new products and services.
iptiQ utilizes digital-first strategies, including AI and data analytics, to offer personalized insurance products, streamline the underwriting process, and improve customer experiences. Its platform enables seamless integration with partners’ systems, facilitating easy and efficient policy management and claims processing.
