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.
Insbee’s P2P car insurance platform aims to make insurance more accessible, engaging and transparent while simultaneously rewarding car owners for responsible driving
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.
Benefit to Customers
Cash based reimbursement if there are no claims in a given year
The ability to pool risk with groups to minimize risk
Personalised products, transparency and engagement
Benefit to the Insurer/Partner
Lower loss ratio as a result of peer accountability within member groups.
Lower cost of customer acquisition due to incentivised social distribution
Better customer experience and engagement
The Digital Insurer's View
Although Insbee is one of the first community car insurance platforms in Asia, it will be interesting to see how it differentiates its offering from its peers globally (Friendsurance, Guevara, Axiame etc.) whilst expanding to ancillary product lines.
Participate in our next webinar on the theme of “Peer-to-Peer Insurance & Community” on Wednesday, 8th February 2017, 9am-10.15am (UK time). To hear more about P2P product/model register below
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