Uvamo is a form of P2P insurance that is blending the established P2P lending model with P2P insurance. Specifically, Uvamo is a marketplace where those seeking insurance and those seeking investment returns from participating in risk associated with underwriting insurance can come together. By leveraging technology and replacing the traditional middleman with an efficient marketplace, Uvamo offers superior service at lower premiums to policyholders and attractive risk adjusted returns to investors.
Currently, Uvamo is planning to re-launch a pivoted platform in 2016 that will be based on the concept that social grouping and affinity will change behavior and address moral hazards which will in turn reduce premiums and claim payouts. It eliminates the dependence on traditional middlemen and leverages online data and technology to provide a platform that offers lower premiums for customers and better returns for the investors.
Uvamo is notable for its alternative approach to P2P insurance, one where capital providers are individual investors in addition to a re-insurer. Others operating in the P2P space include Lemonade, Teambrella and Tongjubao.com, who are leveraging technology and big data to create disruptive models like P2P insurance.
Although these models enjoy lower fraudulent claims and cost advantages, the variety of P2P models being deployed reflects the early adopter phase of the business model.