SoCar teams up with AXA to create car-sharing insurance

SoCar CEO Lee Jae-woong and AXA Direct Korea CEO Gilles Fromageot at a ceremony on Thursday. [SOCAR]

SoCar is partnering with AXA Direct Korea to create insurance programs for shared cars, the car-sharing start-up said Friday.

SoCar said it will be the first insurance program in the country to offer coverage for shared vehicles and drivers.

AXA Group, based in France, already has experience creating insurance programs for French carpooling company BlaBlaCar and ride-hailing giant Uber to better protect independent drivers.

The Korean start-up said AXA will develop a range of insurance programs for shared cars and drivers, including insurance for corporate customers of shared cars and couriers that use shared cars through the partnership.

AXA is striving to become a leading insurer for digital platforms like carpooling and ride-hailing apps.

By Kim Jee-hee