Uber Technologies Inc will use Progressive Insurance
to provide coverage for drivers in Texas beginning this month, in a
pilot that could lead the ride-hailing market leader to diversify its
U.S. insurance purchasing from its current sole provider, Uber and
Progressive executives told Reuters.
Uber has been purchasing insurance to cover drivers for its primary
ride-hailing services, such as UberX, from James River Insurance
Company, a unit of James River Group Holdings. In the United States,
Uber said it covers each ride with $1 million of liability coverage
per incident and $1 million of injury coverage for underinsured or
uninsured motorists, in addition to other coverage.
Recent changes in Texas
insurance rules made it more attractive for Progressive to offer a
plan to cover Uber drivers there, Uber and Progressive said.
Progressive Corp (PGR.N) this year launched "transportation
network companies," or TNC insurance product, aimed at
individuals who use their vehicles to carry passengers for
ride-hailing services such as Uber or its rival Lyft.
John Barbagallo,
Progressive Insurance’s Commercial Lines group president, said
Progressive sees ride-sharing growing. "We’re excited about
the pilot," he told Reuters.
Other large auto insurers
have begun rolling out coverage tailored to ride-hailing service
drivers, filling a void that had existed for drivers whose personal
policies did not cover accidents that happened when they were driving
passengers for pay.Uber's senior director of insurance, Gus Fuldner,
said the company does not have immediate plans to use other insurance
providers in other states.
Uber and Progressive did not disclose financial
terms of the Texas program, but did say Uber will be buying coverage
for thousands of drivers.James River Group President Bob Myron said
his company had expected Uber's move, but said he expects James River
will continue to have "an important relationship with Uber,"
that will grow as the numbers of Uber drivers expands. James River is
not aware of other states where Uber plans to switch insurance
providers, Myron said.
In another development, with the growing popularity of urban culture and prevalence of hailing cab service in the metropolitan cities of the country, Kia Motors Nigeria has entered into strategic partnership with Uber to provide lead generation software connecting riders to drivers in the area. The partnership is directly in line with the commitment to making the people become an Uber investor with an affordable state-of-the-art Kia model range.
There is no gainsaying the fact that Nigeria has remained one of the commercial hubs of Africa with an estimated population of over 150 million. As the most populous African country in the world, the need to provide a seamless means of transportation system to meet the requirements of the publics is germane and this has galvanised the strategic partnership between Kia and Uber.
Globally over 100 000 partner drivers are currently operating on Uber’s network. Uber is not only changing the way people connect with their cities, but also creating thousands of investment and work opportunities along the way. To make this a success in Nigeria, Uber is leveraging the low maintenance cost of Kia vehicle to increase the adoption of its services in the cities in which it has presence across the country.
“In a bid to provide a stress-free transportation in the country and provide investment opportunities for our teeming customers, we have deemed it necessary to partner with an internationally acclaimed technology company, Uber, which gives optimum value to customer satisfaction and a maximised return on investment for investors. The company has remained at the fore in creating a technology platform that is customer-focused” said Managing Director, Kia Motors Nigeria, Jacky Hathiramani. He further stated that “Uber’s technology continues to transform the way millions of people move around their city and our partnership with the company is to give people the best-in-class Kia model range that gives exhilarating experience to passengers on the go.”
Uber is focused on building a service for hundreds of millions of Nigerians and creating investment opportunities. Premised on this, Kia’s leadership and experience in the auto industry will be crucial in helping the technological company to meet their goals.
As a part of the deal, interested Uber investors who do not want to make an outright purchase of the vehicle can avail the offer of an accessible financial scheme powered by Access Bank that gives 10% equity contribution, competitive equated monthly instalment as low as N95,000 monthly, special pricing and flexible repayment tenure of up to 48 months.
In another development, with the growing popularity of urban culture and prevalence of hailing cab service in the metropolitan cities of the country, Kia Motors Nigeria has entered into strategic partnership with Uber to provide lead generation software connecting riders to drivers in the area. The partnership is directly in line with the commitment to making the people become an Uber investor with an affordable state-of-the-art Kia model range.
There is no gainsaying the fact that Nigeria has remained one of the commercial hubs of Africa with an estimated population of over 150 million. As the most populous African country in the world, the need to provide a seamless means of transportation system to meet the requirements of the publics is germane and this has galvanised the strategic partnership between Kia and Uber.
Globally over 100 000 partner drivers are currently operating on Uber’s network. Uber is not only changing the way people connect with their cities, but also creating thousands of investment and work opportunities along the way. To make this a success in Nigeria, Uber is leveraging the low maintenance cost of Kia vehicle to increase the adoption of its services in the cities in which it has presence across the country.
“In a bid to provide a stress-free transportation in the country and provide investment opportunities for our teeming customers, we have deemed it necessary to partner with an internationally acclaimed technology company, Uber, which gives optimum value to customer satisfaction and a maximised return on investment for investors. The company has remained at the fore in creating a technology platform that is customer-focused” said Managing Director, Kia Motors Nigeria, Jacky Hathiramani. He further stated that “Uber’s technology continues to transform the way millions of people move around their city and our partnership with the company is to give people the best-in-class Kia model range that gives exhilarating experience to passengers on the go.”
Uber is focused on building a service for hundreds of millions of Nigerians and creating investment opportunities. Premised on this, Kia’s leadership and experience in the auto industry will be crucial in helping the technological company to meet their goals.
As a part of the deal, interested Uber investors who do not want to make an outright purchase of the vehicle can avail the offer of an accessible financial scheme powered by Access Bank that gives 10% equity contribution, competitive equated monthly instalment as low as N95,000 monthly, special pricing and flexible repayment tenure of up to 48 months.
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