During the snowstorm that hit the east coast in January, I took some time to clean up my office and read reasonably current newspapers and trade magazines. While scanning the articles, I quickly identified many opportunities for new insurance products, mostly around shared assets. For example, an article on millennials and the sharing economy explained that (primarily young) people monetize their lives by sending selfies of what they're wearing every day to a website called CovetMe, and they get paid based on the brands and looks they are sporting.

They Uber their way to work, school or social events (when did Uber become a verb?) as a driver or passenger; they use their subscription to a shared car service such as Zipcar to take occasional trips, or they get paid for allowing advertising on their own car by subscribing to companies such as Carvertise. Another innovative example related to sharing cars is FlightCar, which gives you free parking at big airports if you let other travelers use your parked car when you are travelling. Similar sharing activities take place with homes, clothing and accessories, occasionally used tools and equipment, and even medical equipment.

Different risk profile