HyreCar has launched a new venture focused on creating a captive insurance solution for carsharing in the ridesharing space.
HyreCar will collaborate with Dave Haley, CEO of American Business Insurance Services, and Peter Foley, CEO of LILCHA Holdings, on the enterprise.
The venture is designed to allow HyreCar flexibility to reduce insurance risk, increase profit margins and provide tailored insurance solutions to the on-demand economy.
Joe Furnari, CEO of HyreCar, commented: "Peter Foley and Dave Haley have been with HyreCar from the beginning, and this announcement cements our relationship with two of the most well-respected industry veterans in the commercial auto insurance business.”
"This collaboration confirms HyreCar's continued commitment to the ridesharing industry and providing scalable InsurTech solutions for users on the platform."
Foley said he was “thrilled” to be working with Furnair and Haley in a “new and exciting sector”.
He added: "After more than 35 years in the insurance industry, I am excited to be a part of some new and exciting opportunities that will drive innovation for HyreCar and ridesharing."
Haley concluded: “We've seen a lot of changes in the livery (for-hire) services over the last few years."
"HyreCar seems well positioned to take advantage of the trends we see emerging in the industry."
A panel at the Vermont Captive Insurance Association 2018 conference covered the topic of ridesharing and captive insurance, suggesting that there were opportunities available in that sector for captives.
