Covid19 forces sharing economy insurer Pikl to refocus business

No comments

With bookings dropping by more than 90% the insurtech has had to refocus, but it plans to launch some new products as it switches its target area of business during lockdown

Insurtech and short-term rental insurance specialist Pikl has re-focussed the markets it targets for business.

This is due to the sharing economy being severely affected by the pandemic, especially the short-term rental and Airbnb market, it said.

Bookings for spring have declined more than 90%.

It is now focussing on markets that are less affected in the short-term, instead of annual and pay-on-use short-term rentals and Airbnb.

This is according to Louise Birritterri, chief executive, and founder at Pikl.

She told Insurance Times: “Understandably, with the need for social distancing and the instruction for people not to travel and stay at home, short term rentals have seen their business cease from the start of lockdown.

“With the tourism market being in lockdown it has had a sizable impact on our sales in this channel.

”However, sales have been stronger for annual and long let policies and we are in the process of launching some new products into the motoring market which we believe is much less affected.”

Staycation

Although the sector is predicting a staycation boom later this year as lockdown eases, she added, people in the UK want to holiday in a socially distanced way.

She hopes this will recover some of the losses.

Birritteri added that it is encouraging to see “green shoots of recovery following the government’s roadmap announcements and the tourism market is gearing up for the start of the holiday season in July”.