P2P Insurance — It Takes a Village

Ethan Brown
Jul 25, 2018 · 3 min read

The spread of Peer-to-Peer (P2P) models of insurance will not only bring savings and increased convenience, but will promote a sense of community and shared interests.

Photo by Nigel Tadyanehondo on Unsplash

As we have repeated many times on this channel, the insurance companies are in need of innovation. Over the past 50 years the channels and methods employed by insurers have become increasingly outdated while other industries have embraced new forms of operation.


P2P vs. Traditional Insurance

In a P2P system, the group is much smaller, and is curated by customers. Usually it will be a group of close friends and family, all pooling their resources to provide support if one or more of them encounters misfortune. Many services that offer P2P insurance return a high percentage of clients’ premiums if their coverage ends without incident. On top of the premium, many services charge a small membership fee, as they must profit somehow if they are returning unused premium payments.

What Sets P2P Apart?

Knowing all members of your insurance pool allows for more transparent transactions, and people will always know who is filing a claim and how much they are given for it. The opaqueness of traditional insurance processes is often a reason for people to distrust them, and this smaller and more transparent method can improve this.

Plus, if you personally know all the people in the pool, you are less likely to try to scam them or launch fraudulent claims. Due to the sheer size of insurance companies, fraudulent claims are not always detected, and this results in massive losses for those involved. It is easy for people to be dishonest with an insurance company that often seems like some massive faceless monolith, or even an ‘evil corporation,’ but if the only people you’re hurting by launching a shifty claim are your close friends, family, and perhaps acquaintances, you are far more likely to operate honestly.


ABOUT SURETY.AI
SURETY.AI is a blockchain based artificial intelligence (A.I) platform for insurance companies developed by Hearti Lab Pte Ltd (Hearti).

SURETY.AI allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies through Decentralised Enterprise Insurance Network.

As insurances are closely tied to healthcare, where healthcare services such as medical check records are often used for underwriting and preventive measures, Hearti is also working with Healthcare partners to integrate their services and data into SURETY.AI.

Find out more about SURETY.AI through this short and informative video! 💻

https://www.facebook.com/theheartilab/videos/1961164747258772/

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Hearti

Your Digital-First Venture Partner

Ethan Brown

Written by

Community Writer @Hearti

Hearti

Hearti

Your Digital-First Venture Partner

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