Google Tanslate

Select Language

Sign up and be the first to know

About Hugh Terry & The Digital Insurer

Hugh Terry & The Digital Insurer Video

Contact Us

1 Scotts Road
#24-10 Shaw Centre
Singapore 228208

Write an article

Get in touch with the editor Martin Kornacki

email your ideas at [email protected]

Pre Registration Popup

itcasia2020 Registration Popup

Share Popup

Prime Member: Find out more

Access a unique programme!
  • 56 pre recorded lesson of online content from industry experts over 7 courses
  • The best in digital insurance for practitioners and by practtioners
  • Online MCQ after each lesson
  • Join the discussion forum and make new friends
  • Certificate upon completion to show your expertise and comitment
  • 3 months to complete
  • Normal price US$1,400 Your Prime member price is US$999
  • Access to future versions included in your Prime membership!
Become a member

Prime Member: Contact Us

Reach out to us. Please fill up the form below
Let us know how we can help. You can expect a response within 24 hours
Services of interest
Untitled

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

PeerCover – Simple Cover with Crowdfunding Crisis Club

In Action Summary

PeerCover is a New Zealand based community insurance platform that enables users to create a group to cover risks typically excluded by insurance policies. Such policy exclusions include illnesses relating to pre-existing medical conditions, dental cover, maternity, sports injuries, mental health treatments and asthma treatments because these are considered pre-existing conditions. This is where PeerCover steps in with “Community Coinsurance”.

PeerCover enables users to create a groups who are typically excluded by insurance policies

Crowdfunding Cover or “Community Coinsurance” as PeerCover labels it:

How PeerCover crowdfunding works?

  1. Users join groups and pay the required deposit (approximately $20). Users need to be over 15 years old and a member for at least 6 months before a claim can be submitted.
  2. If any member has a “life event” and needs to claim, the group decides if claims are fair. For example, if a PeerCover member breaks his/her leg during an extreme sport (base jumping or paragliding) his/her health insurer may refuse to pay under the cover limitations specified in the policy. Thus, the PeerCover member will claim against the pool of premiums within his/her member group.
  3. Post claim validation, the member gets his balance plus support payment (determined by the life event severity and the age when joined) from all the group members.

Currently, PeerCover has two separate clubs to choose from, the New Zealand club and the International club. Its role is essentially to manage the member’s support payments and lets them know when their balance is low. In return, PeerCover charges a 5% fee on all balance top-ups to administer the club. Interestingly, PeerCover is using Bitcoin to manage the international club deposits and support payments.

Although PeerCover’s current form has evolved from a pure P2P insurance framework to a community model based on policy exclusions, its success will reinforce the belief that elements of P2P insurance models can scale.

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

Register for the webinar

 

References

Comments

Livefest 2019 Register Popup Event

Livefest 2019 Already Registered Popup Event

Livefest 2019 Join Live Logged-in Not Registered

Livefest 2019 Join Live Not Logged-in