Various startups based on the peer-to-peer insurance model have appeared over the last couple of years. This innovative type of risk sharing allows customers to leverage their social media connections to identify others with similar insurance needs and create policies specifically for that group.

Many people are familiar with the sharing economy now that tech firms such as Uber and Airbnb have become popular in many countries around the world, and now, this concept is being applied to the insurance industry.

Numerous start-up companies have launched businesses in P2P insurance on risk sharing platforms with the intent to: 

  • Reduce bureaucracy in the insurance process
  • Lower costs
  • Insure risks that are not covered by the traditional market  
  • Allow users themselves to determine which risks associated with their goods are covered and work as a community to decide the eligibility of claims.

Risk Sharing That Puts You In the Driver’s Seat

Besure’s P2P Insurance offers a bold and smart new way to protect the most important things in your life. Through community risk sharing, you can participate directly in ‘self-insurance’ that protects you in some of life’s most challenging situations. 

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What is Risk Sharing and How Does Besure Work?

Besure was created from the vision of risk professionals and experienced actuaries. An innovative peer-to-peer risk sharing platform allows you to form groups with like-minded individuals to cover anything, such as:

  • Valuable musical instruments
  • Pets
  • Homes
  • Automobiles
  • Cellphones and other gadgets



What happens if you don’t make any claims? If by the end of the period, you haven’t made any claims, then you will get your money back. On top of that, if you made fewer claims than predicted, you get a bonus back.

Besure’s insurance sharing platform has been designed to give control back to individuals, allowing them to protect what they care about and value most in the world.


Reducing the Role of the Insurer and Giving Control to YOU

With traditional insurance, the insurance company acts as an intermediary that pools every policyholder’s resources by collecting a premium from them. Then, it uses these funds to pay claims. It also performs all the administrative tasks involved in processing claims and issuing policies.

Putting control into the hands of the people: P2P insurance attempts to make insurance more fair and efficient by decentralizing the role of the insurer, relying instead on the resources of a network of policyholders. 

What does this mean?

  • Instead of dealing with an insurance company, individuals can band together to form a risk-sharing network, pooling their money to form a membership fee or premium.
  • They can then use these funds to insure against a particular risk or peril.
  • When a member of a P2P insurance network files a claim, money is withdrawn from the pool to pay for it.
  • At the end of the year, any unused funds are divided and redistributed to the members.

How Can This Benefit Me?

There are many benefits to this type of insurance model, which include:

  • Lower costs. Eliminating many of the functions played by an insurance company means lower administrative and overhead costs, resulting in lower premiums.
  • Greater transparency. The insurance process with traditional insurance companies is opaque. You don’t know how much of your premium is going into administrative costs, or how much the company has to pay claims. With a P2P network, the information is readily available and the processes are clear.
  • You get greater value. With no profits being funnelled into salaries, benefits, or bonuses, the premium rate will simply represent the amount required to ensure your pool can handle the claims filed by its members. 



Call Today

To find out more about how our innovative peer to peer insurance platform can help you protect the things you value most, contact us at 403-460-6961 or fill out our online contact form.

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