Are you looking for an alternative method of highly personalised insurance? Learn all about P2P insurance and how it’s looking to disrupt the traditional insurance industry. 

Peer-to-Peer (P2P) insurance is one of the most disruptive business models today and is rapidly gaining popularity due to an available technology basis. The P2P Insurance model entails that a network of people agree to cover similar risks by creating a financial pool.

P2P Insurance has many benefits, including:

  • it doesn’t require traditional intermediaries (ie. insurance companies)
  • at the end of each coverage period, available money is refunded.
  • there’s less likelihood of fraud
  • it gives you complete control over the insurance process

Besure’s P2P Insurance Works For You

Unlike with traditional forms of insurance, Besure’s P2P Insurance platform offers a risk-sharing and protection service that works to take care of you and everything you value. With our peer-to-peer risk sharing platform, you have complete control over the process and you’ll be able to participate directly in personalised self-insurance that guards you against life’s unfortunate setbacks.


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4 Things You Need to Know About P2P Insurance

When it comes to lending, P2P providers are challenging traditional banks by using social technology to bring together those who wish to borrow and those who have funds to lend. Now, the P2P model has come to insurance.

Because this is a relatively new concept in Canada, here is everything you need to know about P2P Insurance and what it means for you, as a consumer.

1. It’s a New Business Model

The aim of Besure and other P2P insurance companies is to upend the traditional model of insurance. In that arrangement, the insurer:

  • defines the risk you pose
  • charges you a premium according to that calculation
  • takes responsibility for that payout

With the P2P model, social technology is used to assemble a circle of like-minded individuals who want to pool their money in the form of premiums. The pool then builds up and can be tapped into if someone in the circle were to file a claim.

Even better? The pool of customers can benefit if claims fall short of the revenue in premiums.



2. It Comes with Lower Costs

One of the biggest benefits of P2P insurance companies is that they can significantly lower your insurance premiums. By stripping down the costs of running a large company, nimble insurance startups have fewer extra costs, so they can charge less for your premium.


3 Reasons To Start A Pool



3. It’s Digital and Fast

Getting insurance through a traditional broker can be a hassle and can take a while. You’ll need to submit an inventory of your valuable possessions and wait while the company assess your level of risk. There are many forms to fill out, which are often full of technical jargon.

P2P offers a faster, more streamlined process

P2P insurance companies are born in the digital age, so the process is much more streamlined. You’ll simply need to answer a few questions online and receive your quote in just minutes! You can even pay online and have the coverage kick in almost immediately.


How It Works



4. Payouts Are Made Quickly

With P2P Insurance, not only is it faster and easier to get coverage, but payouts are made in just a few minutes. This benefit cannot be overstated, especially for anyone who has ever had to file a claim and go through the bureaucratic process of dealing with a traditional insurer.

P2P payouts are so efficient because:

  • your pool is made up of people who share the same passion as you, encounter the same risks, and understand exactly what you’ve experienced.
  • all pool members are carefully selected and share the same goal of seeing every individual in the community successfully self-insure.
  • all members pledge to assess claims in good faith and abide by the values of cooperation and community.

Why Risk Sharing Is So Effective



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To find out more about how P2P insurance can offer you quality, fair, and affordable risk protection, or to join Besure today, contact us at 403-460-6961 or fill out our online contact form.

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Questions? Comments? Call us today at 403-768-3525 or fill out the form below


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