Have you heard of peer-to-peer insurance? Learn how this revolutionary concept is impacting the insurance industry and how it can benefit you. 


As one of the first businesses to offer peer-to-peer insurance in Canada, Besure strives to enable individuals to come together as a community and protect the things that matter most to them. In so doing, this risk-sharing platform allows you, along with members of your pool, to:

  • agree on risks to be protected
  • have your claims adjudicated fairly and quickly by your own community
  • contribute to the risk coverage using best actuarial practices
  • have more control over the insurance process

Innovative Peer-to-Peer Insurance Gives You Total Peace of Mind

Life is unpredictable and can often throw some difficult challenges our way. Whatever your needs, Besure’s peer-to-peer insurance platform gives you an affordable and efficient way to protect the most important things in your life from your beloved pet to your valuable musical instrument and smartphone.

When you join Besure, you’ll be able to participate directly in self-insurance and protect yourself from any hurdles through community risk sharing.

Want to learn more?

 

Join Besure Today

 

 

Everything You Need to Know About Peer-to-Peer (P2P) Insurance

As new digital technologies are altering the way insurers engage with their customers who bring into the market new demands, preferences, and behaviors, there has been increasing development in innovative alternatives to the traditional insurance structure of centralized risk-pooling.

Peer-to-Peer (P2P) Insurance is one such innovation that allows individuals to pool their capital, self-organize, and self-administer their own insurance.

Core Idea of Peer-to-Peer Insurance: The main aim of P2P is to allow a set of like-minded people with mutual interests to create an insurance pool together. This introduces a sense of control, trust, and transparency in the process, and also significantly reduces costs.

Less Fraudulent Claims with P2P: The idea behind peer-to-peer insurance is that because the pool is made up of like-minded peers, they’ll be less likely to make exaggerated or fraudulent claims that would adversely affect the group.

A Community That Cares For Each Other: Because members are acting in the best interests of the whole group, they’re less likely to make claims and, as a result, costs are cheaper.

 

How It Works

 

 

4 Main Benefits of Peer-to-Peer Models Over Traditional Insurance

In its purest form, Peer-to-Peer insurance is about a group of individuals getting together to cover each other’s risks. There are 3 main benefits of this model is believed to have over traditional insurance, including:

  1. Consumers have a greater sense of belonging and so are more engaged, which leads to higher renewal rates.

  2. Moral hazard is reduced as it’s no longer a faceless insurance company who is paying out claims.

  3. Individuals have more control over the insurance process including what they want to insure, how much they want to insure it for, and for how long.

  4. By pooling funds with people who know each other, there’s a greater sense of transparency. Every member knows who is in the group, which members are filing a claim, and how much money is left in the pool.

3 Reasons To Start A Pool

 

 

Breathing New Life Into an Age-Old Service

While the insurance industry is often criticized for their lack of innovation, this move towards technology breathes new life into an age-old service. By simply answering just a few questions online, individuals are able to immediately receive a quote and make their payments using a portal.

Peer-to-Peer Insurance has already disrupted the industry through its ability to offer better premiums and more personalized policies and is specially tailored for the generation that thrives on convenience and value for money.

 

 

Call Today

To learn more about peer-to-peer insurance, or to find out more about Besure’s risk-sharing platform and join a pool today, contact us at 403-460-6961 or fill out our online contact form.

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