“peer-to-peer Insurance Platforms: Disrupting The European Insurance Landscape”

“peer-to-peer Insurance Platforms: Disrupting The European Insurance Landscape” – We listen to the small business market, insurers and brokers and build our platform to solve most of their problems. Peer Circle helps insurance companies offer on-demand products suitable for small businesses through a more efficient distribution channel. The process is more transparent for insurance buyers, and the insurance features are delivered to them faster and more meaningfully at a lower price. Brokers and insurance companies can effectively enter the small and medium-sized business market.

Canada’s first MGA enables peer-to-peer (P2P) underwriting, reducing voluntary risk and better identifying Insurers’ risks.

“peer-to-peer Insurance Platforms: Disrupting The European Insurance Landscape”

The open platform allows other MGAs to set up online stores to take full advantage of Peer Circle’s rating engine, claims management and policy management capabilities.

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We offer a 10% “port-your-policy” credit to first-time users who transfer their existing policies to Partner Circle.

Allow SMEs to distribute and purchase insurance online through their brokers in a cost-effective manner using peer-to-peer incentives for voluntary risk reduction.

A true strategic partnership with insurance companies by providing product design, pricing, actuarial services, claims analysis, portfolio optimization and risk management.

Enables more efficient risk transfer by eliminating the need for double entry and providing a more positive user experience. Brokers can spend more time with important clients and less time on administrative matters, increasing their profit margin while maintaining their commission level.

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Mr. Huang has over 15 years of experience in the (re)insurance industry, specializing in risk management, with a strong track record of demonstrating value creation through market-leading innovative approaches. A respected senior executive with a strong reputation in the largest reinsurance markets and a proven track record of building and leading effective teams. Mr. Huang holds a Ph.D. Engineering degree and accident actuary

Mr. Schoon is responsible for the company’s daily operations and business development. He is a financial services executive with over 25 years of experience in banking, private placement, venture capital, corporate finance and institutional finance. He holds an MBA from Western University’s Richard Ivey School of Business.

Mr. Moller has more than 20 years of experience as a technical director in several national and international industries. He is a technical visionary with a proven track record of leading and leading large technical Teams in implementing strategic plans into successful products. He has a master’s degree in computer science from the University of Berlin, Germany. In this article, we look at different players in the insurance industry – both traditional and new entrants – who offer innovative insurance solutions for sharing economy platforms.

This is part 2 of our series on insurance in the sharing economy See also part 1 and part 3

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As we discussed in our previous article about online marketplace insurance, the sharing economy is bringing cultural change to the traditional insurance industry. Insurance companies are asked to offer more flexible insurance solutions through intermediaries or by creating new “off-sale” products. This article looks at the different players – traditional and new entrants – that offer innovative insurance solutions for sharing economy platforms.

The global insurance industry is worth around $5 trillion and is slowly renewing itself. Aviva chief executive Mark Wilson said the industry was at risk of losing this lucrative market share to new entrants. Observers agree that offering policies tailored to the sharing economy will be the biggest growth area for insurance companies over the next five years. According to Graeme Trudgill, executive director of the British Insurance Brokers Association (BBA), brokers should see the rapid growth of the sharing economy as an opportunity:

– This creates a need for new, innovative insurance products Insurers and brokers who are able to react quickly to market needs and create flexible products can easily steal from their competitors. It is also important for brokers to note that while the sharing economy may develop faster within individual lines, it can also have a real impact on the SME space.

According to a 2016 study by market research company MarketForce, most insurance companies have made little progress in offering sharing economy solutions. Only 10% have public offerings and 35% are only in the pilot phase. With more than half (55%) taking no action to meet these new insurance requirements, the distribution sector of the economy will rise rapidly and lose an important new industry. . Insurers are encouraged to collaborate on sharing economy platforms to gain a foothold in these fast-growing traditional insurance industries through various partnerships. For example, the SafeShare policy is underwritten by Lloyds of London together with Trove Munich, AXA and Sancorp, while Simplicity is associated with Allianz.

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Rebellion is about companionship rather than harassment. Indeed, it is very difficult for the rebels to challenge those who come for different reasons: more information about the insurance industry; lack of capital required to issue insurance; and lack of resources to participate in the heavy regulatory part of insurance. On the other hand, tech startups better understand customer expectations and technologies that help the insurance industry increase efficiency and reduce costs. This is one reason why insurgents are partnering with established global insurers with capital and regulatory experience and better resources to help them grow and expand across countries. Cooperation with insert technology startups is ideal for large companies that don’t want to take the risk of starting their own startup.

At the same time, Rebels raised millions of dollars from leading venture capital firms to help them develop and scale their technology. According to KPMG and CB Insights, venture capital investment in the insert has quadrupled since 2014. The global insurance technology market is still in its infancy, but is expected to grow at a CAGR of over 10% between 2016 and 2020. In technology: AXA has launched its own venture capital fund to invest in new technology and startups in Allianz, Munich and Switzerland. London’s Startup Bootcamp has announced its first insurance accelerator program, backed by Allianz, Admiral and Lloyds.

We now discuss how some of the leading traditional insurers are positioning themselves in the sharing economy and developing their ideas and products to take advantage of this growth environment. A recurring theme seems to be a lesson for insurers because of the potential future benefits and because they want to be part of the innovation that is happening. Then we profile some of the fastest-growing tech startups that are making waves in the insurance industry with technological innovation and savvy positioning. We’ll also discuss some smaller, promising upstarts that might be of interest to local p2p marketplaces as well.