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InsurTech startups are providing ideas to help insurers turn the sharing economy into new market opportunities, revenue and profits. (Photo: iStock)

Even though Metromile was groundbreaking with its pay-per-mile insurance, it certainly wasn’t the first to provide usage-based cover.

In fact, the earliest documented paper insurance policy, a commercial policy, dated February 13, 1343, covered 10 bales of linen on their trip from Pisa to Sicily on the Santa Catalina. It was a pay-per-use policy on a temporary shipment of cargo — right in the midst of the Italian Renaissance.

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