insPeer is a French based community insurance platform specialising in auto insurance. Specifically, insPeer allows members to increase and insure each others’ deductible, thus lowering the premium paid for their individual auto insurance policy.
insPeer is exploring the field of collaborative insurance offering individuals the opportunity to optimise their vehicle insurance based on a strong and responsible social community
How insPeer works?
insPeer works by enabling policyholders to collectively raise their deductibles on insurance policies and thus share the increased risk with their social group. The higher the deductible paid by members, the lower the underlying premium will be.
Additionally, insPeer members can choose those with whom they wish to share their deductible risk and can set an amount of mutual contribution for each participant in case of a claim. In the event of a claim, insPeer charges a small % of the settlement paid by the insurer. As with most community insurance programs, members are reimbursed if any money remains in the premium pool.
Additionally, insPeer uses a proprietary method to help users better understand the likelihood of having a claim, and allows clients to decrease their insurance cost by increasing their deductible while no other contractual terms are modified.
Ultimately, insPeer wants to change the market by injecting transparency back into the insurance business. Although there are a whole host of similar p2p social insurance initiatives being pursued in different markets such as Friendsurance (Germany), Guevara (UK), and PeerCover (New Zealand), how these platforms can scale with an inevitably more complex risk profile will ultimately dictate if this business model is here for the long haul or not.
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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