World's first sharing economy kitemark launched with BIBA's support
The British Insurance Brokers’ Association (BIBA) has joined the Expert Advisory Panel for the sharing economy’s ‘TrustSeal’, which sharing economy’s trade body, Sharing Economy UK (SEUK), launched today. The TrustSeal stamp of approval is...
... the world’s first kitemark for the sharing economy and will be awarded to sharing economy companies who successfully meet a list of Good Practice Principles.
PwC UK will review all of the applications put together by the companies participating in the pilot programme. It will then report back to the TrustSeal’s newly formed Expert Advisory Panel which has been formed to award and govern companies with the TrustSeal stamp of approval. BIBA’s Executive Director, Graeme Trudgill, is part of this panel following BIBA’s involvement with the sector.
Graeme said: “The phenomenal rise of the sharing economy brings with it new insurance exposures and BIBA committed in its 2016 Manifesto to work with representatives from the sharing economy.
“Trust is front and centre with the sharing economy and knowing there is insurance protection in place can give confidence to participants. To support this we have produced a guide, updated our list of specialist brokers and supported this new trust seal stamp of approval by joining the Expert Advisory Panel.”
Debbie Wosskow, founding chair of Sharing Economy UK, says, “The TrustSeal has been created to set global standards for sharing economy companies around the world. This is another world first created by the UK, and the principles outlined can be used as a benchmark for companies to follow in other markets.
“Insurance plays a fundamental part in the sharing economy as it can help consumers to feel safe and protected when using relatively new services and businesses.
“Through working with BIBA we’ve taken significant steps forward towards making sure that the sector collaborates with sharing economy companies of all shapes and size and we will continue to push this forward. We’re excited about the rate of change and are looking forward to working with Graeme and his team to continue to make progress, and stamp exemplar insurance companies with the TrustSeal of approval.”
The good practice principles for the TrustSeal that have been outlined by world-class business and sharing economy leaders are:
- Identity verification
- Criminal and background checks
- Education and employment history checks
- Transparent communications
- Customer help and support
- Secure payments, clear pricing and refunds
- Insurance and guarantees
- Data protection
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