British insurtech firm Inshur has introduced flexible insurance plans for drivers of the ride hailing app Uber.

The Munich Re-backed insurtech, which raised an additional $1.5m in funding last month, said that the new offering enables drivers to choose coverages from seven to 90 days.

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Additionally, a driver can also select a fixed term of 7, 14, 30 or 90 days or a policy valid for a period of twelve months.

Inshur launched the new insurance plan after a study revealed that out of 157 drivers, 87% were looking for a flexible insurance plan of between seven and 90 days.

Also, a study carried out by Inshur with participation form 561 drivers revealed that nearly 79% of drivers pay for their insurance monthly against 20% of drivers who prefer annual payment.

Commenting on the new offering, Inshur head of product John King said: “For too long drivers have had to buy insurance products that suit the needs of the insurer and not the customer.

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“Uber drivers deserve to get something better. If a driver wants to buy a flexible term product, we now offer that. Insurance is a cost for everyone and if we can reduce that burden we feel it’s the right thing to do and expect other insurers to follow our lead.”

Inshur COO and co-founder David Daiches stated: “Inshur was built on the ethos of making the lives of drivers simpler by improving the process of buying insurance. Because of this, 75% of our customer base has been referred to us through word of mouth.

“The only way to maintain this level of customer support is to remain a trustworthy company that cares about its customers. Our new flexible insurance builds on this ethos.”

In May, Inshur and ride hailing firm Uber partnered to provide an assortment of insurance plans to its drivers.