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Market Snapshot: Crowd-based Insurance Startups on the Rise
Catalyst Companies has identified more than a dozen crowd-based insurance startups emerging from global financial industry hotbeds like London, and more will emerge from each region. The rise of this growing set of startups is enabling peer-to-peer, pro-rata coverage or crowd-based models that leverage the crowd. These include mostly P2P offerings, with a handful that are also improving the delivery of insurance through new technologies. P2P insurance allows for more people to be insured by aiding underserved markets and provides coverage for gig workers in the collaborative economy, while collective purchasing yields preferential pricing to those subscribed. See the infographic and full startups list on our blog.
NHTSA to publish federal guidelines for autonomous vehicles in July
The National Highway Traffic Safety Administration (NHTSA) is set to release guidelines for self-driving cars in July, which will supposedly be more lenient on testing and possibly legalize self-driving systems for public use, according to ReadWrite. The Department of Transportation will focus on four main areas in the announcement, including deployment, state policies, less vague process terminology, and new tools. These guidelines will attempt to create a legal standard for autonomous vehicle testing and semi-autonomous driving, which is now fragmented by state. Autonomous vehicle testing and commercialization via manufacturers and technology providers like GM, Google, and Tesla will gain speed as updated nationwide legislation helps clear the path and create a level playing field.
Austin, Texas, turns to Facebook group when Uber and Lyft leave city
Less than one week after Uber and Lyft pulled out of the city of Austin, Texas, over a legislative dispute surrounding employee background checks, a crowdsource ride-sharing alternative emerged: Arcade City Austin. The Guardian reports that Arcade City Austin, a 32,000-member Facebook group, allows drivers and riders to connect, posting to the group when they need a ride. Drivers post their time of arrival and both parties exchange phone numbers via Facebook to stay in contact, but there is no formal payment structure in place. Drivers charge what they believe is fair, and many riders pay only what they can afford at the time. Arcade City was founded in New Hampshire as a project that aims to decentralize ride-sharing.
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