April 17, 2019
Peer to peer insurance, much like traditional insurance, is a group of ‘peers’ who pool together their resources to insure against a specific risk, such as the loss of a pet, damage to an instrument, or a misplaced cellphone. However, unlike traditional insurance, peer to peer insurers are shifting their focus towards:
- Technology
- Automation
- Social Networking
This new peer to peer model of insurance adheres to traditional pooling and sharing of losses, but incorporates today’s technology, providing a product for savvy customers who are looking for transparency and convenience.
How Besure’s Peer to Peer Insurance Makes Life Easier
The Besure platform was created to make insurance more transparent, convenient, and affordable for customers. Our customizable pools allow you to protect yourself against any conceivable event, ensuring that you can always look after what you value most.
Want to start your own Besure pool today?
The Spread of Peer to Peer Insurance: The Basics
Simply put, peer to peer insurance companies allow individuals to insure against a common deductible, and when a claim is made, this loss is shared among a small circle of friends (also known as a pool). If there is any money left over in the pool after the agreed upon term is over, these funds are returned to the pool members.
Greater Transparency and Trust
P2P insurance companies express their desire to reduce costs for their consumers and increase transparency. The philosophy is that they can improve the quality of risk by building strong relationships between members of the pool.
In fact, P2P insurance models do strengthen the sense of responsibility and community within the group, which results in a reduction of:
- Moral Hazard: Where an individual gets involved in a risky event knowing that he/she is protected against the risk and that other community members will incur the cost.
- Morale Hazard: An increase in the hazards presented by a risk due to the indifference of the insured individual.
- False Claims: Where an individual knowingly presents a false or fraudulent claim for payment.
5 Things to Know Before Joining a Besure Pool
Choosing Your Own Pool Members
At Besure, we allow you to create your own pools and actively choose members to join it. In this way, we help foster a greater sense of belonging, responsibility, and duty to others.
Why is this important? Pools of close-knit family or friends that share in losses tend to demonstrate a stronger aversion to risk, knowing that their actions will have a direct impact on their loved one’s pocketbook.
In addition, group performance and its impact on the cashback promotes honest and responsible behavior by rewarding pool members when they remain claim-free.
Great Consumer Experience
By using a simple online portal, a quick three-step claims process, and a seamless approach that seeks to constantly optimize your insurance experience, Besure is always looking to increase customer satisfaction, taking the hassle out of insurance.
Join Today
Do you want to begin successfully self-insuring? To find out more about how Besure can help you enjoy a more transparent, honest, and affordable insurance process, contact us at 403-460-6961 or fill out our online contact form. Or stop by our office at 1214, 12 Royal Vista Way NW, Calgary, AB, T3R 0N2. One of our representatives will be happy to meet with you.
