Insbee is developing Asia’s first P2P car insurance platform that rewards people for responsible driving. Essentially, Insbee enables its members to pool their deductibles in order to cover minor claims. In the absence of any claims, Insbee members receive this deductible back in cash whilst retaining their no claims discount with insurers.
According to Insbee, their interpretation of community insurance will improve risk segmentation for insurers whilst lowering distribution costs, ultimately driving down insurance premiums for responsible drivers in the long run. In particular, the pool is used to cover Own Damage claims below the group excess levels (e.g. $2,500) and this is further illustrated below.
At the core of the Insbee platform is a Bitcoin based ledger called “insbook” which allows users to:
- Purchase a motor insurance policy from one of their insurer partners.
- Come together to form public/private groups, invite friends and interact with the community.
- Track personal “No-Claim Rebate” amounts throughout the year.
Although Insbee is first targeting the car insurance market in Singapore, it will soon expand the concept to other insurance verticals like health, travel and property across the APAC region with planned launches in Australia and Thailand.
Ultimately, Insbee aims to reward car owners for responsible driving (through cash based reimbursements of deductibles) whilst providing a more engaging customer experience and simultaneously trying to improve risk segmentation and lower distribution cost for insurers.