Under Uber Europe, the company has made a deal with French financial giant AXA SA in order to cover any accidents and damages incurred by customers. The two companies will share data on user behavior and ad-campaign performance, but individual users will not be identified. They will also be able to opt-out of receiving targeted advertisements at any time. In addition, Uber prohibits advertising based on race, religion, or sexual orientation. It also prohibits targeting users based on a particular destination.
Insurance Deal With French Financial Giant AXA SA
The merger will create a new, larger French insurance company. French insurer AXA is already a major player in the United States, which is the largest insurance market in the world. The new company will control Equitable, the sixth largest life insurance company in the United States, as well as Donaldson, Lufkin & Jenrette and Alliance Capital. This deal is likely to trigger further consolidation in the United States, as big American insurance firms look for ways to expand through acquisitions. Insurers in Europe are also looking to consolidate their power to command a larger share of the market through more efficient operations.
The new company will no longer insure clients involved in coal, oil and tar sands projects. It will also divest over EUR3 billion from fossil fuel companies. The announcement was made by AXA’s CEO Thomas Buberl during a climate summit hosted by the French president. This decision will make AXA one of the world’s largest insurance companies. It is also the second largest financial services group. In addition to Equitable Life, it owns a number of other major insurance companies, including Equitable Life Insurance Co.
Regulations in Europe
under uber europeclark wall streetjournal has a history of lobbying politicians and regulators in Europe to ensure it receives favorable regulations. Uber has spent over $90 million in EU policy affairs over the past two years, including more than $11 million in 2015-16. The Uber Files, a series of documents published by The Guardian in partnership with ICIJ, exposed how the company lobbied foreign governments. One such case involved France, where French President Emmanuel Macron signed a secret agreement with the company while he was minister of economy.
The proposed EU directive would create an employer-employee relationship, requiring companies to pay workers a minimum wage, supervise their performance electronically, and provide workers with more protections and rights. It would also require companies to give national governments better access to data and information about their workers. It also aims to ensure workers’ rights to collective bargaining, paid leave, and contributory pensions.
The security breach at Uber Europe was first reported on September 15. According to the company, a 17-year-old hacker obtained access to Uber’s internal systems by using a vulnerability that was reported on HackerOne. In the end, this hack did not result in the loss of any user data. Instead, hackers were able to access internal messages and information from the company’s finance team.
The breach occurred two years ago and was not disclosed to the public until May. This allowed the company to avoid the new General Data Protection Regulation, which has stiffer penalties for companies that fail to protect personal data. Fines could be as high as four percent of the company’s global revenue, or EUR20 million. However, Uber settled the claims in September for $148 million.
Uber drivers have complained about the lack of transparency in its algorithm. They also feel dehumanized and isolated, with no way to interact personally with their supervisors. Some have figured out ways to “game the system,” or drive for competing services. One such technique is platform switching.
Artificially Creating “Surge Pricing” to Create More Demand for Rides
The use of “surge pricing” is a form of artificially creating more demand for rides by increasing the price of rides. The increase in fare is the result of an algorithm that Uber uses to determine the price. The algorithm reflects changes in supply and demand over time. For example, if there is a supply-demand imbalance during commuter hours, the fee will go up. This means that drivers will have to spend more time in traffic serving the same number of passengers, reducing the supply of drivers. The aim is to encourage customers to delay their request for rides and allow Uber to provide service in areas where demand is high.
When the surge fee is raised, drivers stop using the apps and risk missing out on customers. Drivers are thus pushed to stay online to maximize their profits. As a result, the parameter range that promotes artificial price surges narrows. Drivers are more likely to stay online during surge hours, which creates a partial supply shortage at times of high demand and high surge fee.