Are you looking for a more transparent and flexible insurance policy that gives you total control over your coverage? Besure’s P2P insurance platform offers you an innovative, convenient, and affordable way of protecting the things you value most.

 

Fintech insurance concepts such as P2P insurance are greatly impacting the insurance industry, offering an affordable and innovative alternative to consumers by tapping into the shared economy and uniting groups of people to help them achieve lower insurance rates and a more convenient and transparent insurance process. 

Compared to traditional insurance, P2P insurance offers consumers incredible benefits, such as: 

 

  • More control over the insurance process.
  • There is no need for an intermediary. 
  • Individuals receive a refund if there is any money left in the pool after the coverage period has ended. 
  • Consumers enjoy a faster and more convenient claims process. 
  • A lower likelihood of fraud. 

Besure Insurance Utilises the Concepts of FinTech to Give You More Affordable Coverage 

Free of the many drawbacks of traditional insurance, the Besure insurance platform utilizes the principles of FinTech to allow consumers to create pools, or communities, that will help them protect the things they value most. 

 

Want to know how it works? 

 

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Everything You’ve Always Wanted to Know About FinTech 

The financial technology (FinTech) industry is thriving globally. Despite this, many users are often unaware that the financial services applications they are using count as FinTech. To help you gain a better understanding, here are the basics of the FinTech sector: 

 

What Exactly is FinTech? 

Financial Technology (FinTech) is defined as any technological innovation in financial services. Those who are engaged in this industry are seeking new technologies that are disrupting traditional financial markets. 

 

Some of the terminology you need to understand include:

 

  • InsurTech: Insurtech is a subset of FinTech which relates to the use of technology to simplify and improve the efficiency of the insurance industry. This has led to the rise of numerous P2P insurance companies, such as Besure. 
  • Cryptocurrency: Cryptocurrency is a decentralized digital currency that uses encryption to generate units of currency and validate transactions independent of a central bank or government. 
  • Bitcoin: Bitcoin is a digital payment currency that utilizes cryptocurrency and peer to peer technology to create and manage monetary transactions, as opposed to a central authority. 
  • Blockchain: Simply put, Blockchain technology is an innovative and secure architecture that saves and traces data in a way that is distributed and verified by a network of computers. 
  • Disruptive innovation: While this is not exclusively a FinTech term, it is often used to describe technological developments within the financial services that force traditional institutions to rethink their approach to the industry. 

 

Top Consumer Benefits of FinTech

FinTech is not only transforming the financial sector, but it is also providing incredible benefits for consumers, including: 

 

  • Consumer empowerment 
  • Greater convenience 
  • Enhanced data security 
  • Lower costs for services 

5 WAYS FINTECH IS IMPROVING INSURANCE SERVICES FOR CONSUMERS 

 

 

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Today, customers are increasingly looking for greater self-control, 24/7 access, and convenience, which is everything that traditional insurance companies cannot provide, and P2P, FinTech driven insurance companies can.

 

If you are looking for a more affordable, convenient, and fair way to insure your valuables, our innovative P2P insurance platform can give you everything you need. To find out more, contact us at 403-460-6961 or fill out our online contact form. You can find us at 1214, 12 Royal Vista Way NW, Calgary, AB, T3R 0N2.

 

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