Today’s consumers are tech-savvy and expect the necessary services to keep up with the times. InsurTech, which is a subset of FinTech, is the insurance industry’s answer to the demands of the consumer. Learn how you can benefit from the rise of InsurTech.


Digital transformation is reshaping the industry insurance at a time when consumers are expecting more from services and products. Some of the key aspects modern-day customers appreciate about P2P insurance include:

  • Greater convenience
  • Speedy transactions
  • Individualized service
  • More for less

Take Advantage of the Besure Risk Sharing Platform

Besure was developed to facilitate the process of P2P insurance through our software. Your personal and individual insurance needs are covered, along with a like-minded pool of people, and access to the latest technology to make the process not only possible, but actually simple, affordable, and convenient.


Curious to learn how Besure P2P Insurance could quickly and easily cover something of importance in your life?




4 Consumer Benefits of InsurTech

InsurTech is changing the insurance scene. It is where insurance meets technology in a bid to overcome the limits and challenges faced by the traditional insurance industry. While the well-established industry still has its place, the benefits of InsurTech to existing and new consumers are undeniable.


These include:


1. Consumer Empowerment

InsurTech is consumer-driven. This means there are options, including P2P insurance, where you determine what has value in your life and what you choose to cover.


With Besure’s P2P insurance platform, you choose the term of the policy and who joins the insurance pool you create. You have the flexibility to gather your closest friends, family and those who have similar interests in life for community protection. This improves not only the quality of your insurance experience but also reduces the likelihood of false claims being made against your policy.


You are part of the entire process from the creation of an insurance pool to cover a specific need, right through to sitting on the jury of members who hears claims and decides whether to approve them or not. With the enhanced knowledge you have about the items you are insuring, your pool members are the perfect group to make these decisions.




2. Convenience

Consumers are accustomed to performing their daily tasks on their cell phones, from banking to booking flights and ordering dinner. In one of the most significant improvements for the insurance industry, InsurTech has led to the rise of smartphone apps that allow you to receive insurance quotes, apply for insurance, file claims and check the status of a claim on your phone.


You save precious time in your day and also have the ability to access information about your insurance pool any time that works for you.


Being technology-based, InsurTech allows coverage to be offered in a wider geographic range because it’s not dependent on the consumer going into a brick and mortar insurance agency to meet face to face with an agent.


3. Efficiency

FinTech insurance companies take security extremely seriously. With high data security standards in place and strict no-spamming policies, these new companies are making customers feel more confident to carry out their transactions online.


It also positions the insurance industry to collect and analyze consumer data. This means more personalized and upgraded services with relevant and useful products can be created and offered to individual clients.


4. Reduced costs

Traditional insurance premiums are affected by many factors, but primary among them is the overhead cost of the large insurance industry giants. They have multiple branches with numerous employees and that all adds up.


P2P insurance provides technology and a modern platform with minimal operating expenses. When you join a Besure pool, the only cost to you, the consumer, is a small fee (10% of the pool) which is used to cover the cost of administering the platform. There are no additional costs and the premium rate will not increase during the term of the policy.


At the end of the day, when your policy term has run its course, any funds remaining in the pool are returned to the members who did not file a claim that paid out during the term. You can use this money to invest in your next term policy. Rolling part of the payment over each time, you get more value for your money.


Besure P2P Insurance Provides a Simple Solution for Your Insurance Needs

Do you want to know more about how InsurTech works and how it can benefit you? To learn more about Besure, contact us today at 403-460-6961 or fill out our online contact form.


Alternatively, you can find us at 1214, 12 Royal Vista Way NW, Calgary, AB, T3R 0N2.


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