Peer-to-Peer (P2P) insurance is a risk sharing network where a group of individuals pool their premiums together
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What is Peer-to-peer (P2P) insurance?
Peer-to-Peer (P2P) insurance is a risk sharing network where a group of individuals pool their premiums together to insure against a risk. Peer-to-Peer Insurance mitigates the conflict that inherently arises between a traditional insurer and a policyholder when an insurer keeps the premiums that it doesn’t pay out in claims. P2P insurance may also be referred to as “social insurance.”
What does P2P cover?
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Benefits of P2P insurance
Peer-to-peer insurance eliminates the bureau of traditional insurance. Getting paid by an insurance company requires going through so many hurdles; this is not the case with peer-to-peer insurance.
Small groups with common risk can get together and insure what traditional insurance companies may not be willing to cover.
No funds are lost in peer-to-peer insurance. Where claims are not made, groups can share the funds contributed during the year.
Cover your vehicles from potential risks financially.
Travel Insurance gives you the power to take a step back and enjoy your travel experience.
Claim damages done due to fire related insurance
Protecting your home with insurance will give you a sense of security
Why is P2P Insurance important?
Participants in peer-to-peer insurance are given more control over their coverages. Control ranges from allowing peers to form their own risk pools for deductible coverages to allowing peers to make decisions about the proceeds of the pool to allowing peers to adjudicate their pool’s claims. These decisions are traditionally made by the insurance carrier.
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