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Prince Insure – Australia’s first Professional to Professional Insurance Platform

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In View Summary

Prince Insure is an early stage InsurTech startup which is pioneering a Professional to Professional Insurance Platform, based on the peer to peer insurance concept. Its aim is to change the way professionals interact with their professional insurance & build social communities where they can engage with their peers/colleagues for the purposes of professional indemnity insurance.

Prince Insure basically wants to transform professional insurance from a grudge purchase to a valuable asset and cater tocustomers’ overall dissatisfaction with the insurance process.

Prince Insure wants to transform professional insurance from a grudge purchase to a valuable asset and address customers’ overall dissatisfaction with the insurance process

With Prince Insure’s Pro2Pro insurance platform, users can apply, quote, buy and renew their professional insurance ultimately enabling them to save time and premium (low cost insurance model engineered to keep premiums low) along with helping them make money as all profits will be finally paid back to the community rather than the insurance company. Keeping transparency and engagement in mind, Prince Insure will also let Professional Insurance Communities (PIC) see in real time how their insurance portfolio is performing from a claims, expense and profit point of view.

All these functions will be on the digital insurance platform that can be accessed through the Prince App which will also store all the insurance documents securely helping to avoid cumbersome paperwork.

Prince is initially offering professional liability insurance and will ultimately target 640+ million professionals worldwide whilst charging 10% as commission from each claim made through the PrinceInsure platform.

Reported Benefits

Benefit to Customers

  • Save time (quote, buy, apply, renew & claim on Prince app)
  • Lower premium (Low cost insurance model engineered to keep premiums low)
  • Save Money (All profits get paid to their Professional Insurance Community)
  • Be Engaged (All members are actively engaged as part of their Professional Insurance Community)

Benefit to the Insurer/Partner

  • First Professional to Professional Insurance Platform on the market
  • Low Cost Model – All Insurance Processes are governed on the App
  • Engagement – All members are actively engaged in all parts of the Insurance process
  • Pro Group Pressure – Members will change attitudes towards claiming & minimise moral hazard

The Digital Insurer's View

Apart from launching the first Professional to Professional Insurance Platform, Prince Insure is also offering easy access, transparency, lower premiums and above all profit sharing.

However, it will be interesting to see how Prince Insure performs as compared to other P2P players in the market such as Lemonade, Guevara and Friendsurance who are already operating a similar model and who could arguably have ‘first mover advantage’.

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

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