Mark Warnquist, CEO and Co-Founder of Insurtech InShare, shared that gig platforms should provide further benefits for their workers, specifically better insurance options.

As the co-founder of InShare, Warnquist set out to address the need for unique insurance solutions for gig workers throughout the United States. Now, in a podcast with the GIG Economy, Warnquist expressed that a shortage of Uber and Lyft drivers felt across the country could be alleviated with better benefits for drivers to incentivize their work. 

"I'm trying to get to a place where we can lower insurance costs, which then companies have a tradeoff," Warnquist said. "They can either lower their costs or they can offer greater benefits...That's why you saw what you're seeing in New York with Uber. There's a war for drivers. There's a lack of supply. Anything that can be done to attract drivers to a platform is a smart thing in my mind." 

In the wake of the pandemic, demand for ridesharing is surging once more, resulting in a shortage of Uber and Lyft drivers in some areas, according to Fortune. As gas prices continue to rise, shortages of drivers continue to plague the country despite efforts by Uber and Lyft to offset some of the increased costs, as both rideshare platforms have partnered with GetUpside, enabling drivers to recoup 25 cents for every gallon of gas they purchase at participating gas stations.

“Our platform only works if it works for drivers, so we’ll continue to monitor gas prices and listen to drivers over the coming weeks,” an Uber spokesman said, according to Fortune.

Warnquist, a former Uber Global Claims Director, believes that the key to fighting driver shortages is meeting the insurance needs of drives that aren't currently met by traditional insurance, without sacrificing flexibility for the benefits of traditional employment.

Comprised of a team who used to work for Uber, Lyft, and Airbnb, InShare works to provide insurance solutions that are tailored to the unique needs of different gig economy platforms.