Have you recently heard the term peer to peer insurance (P2P) and wondered what all the hype is about? Learn how P2P insurance is different from traditional insurance and how it can benefit you.


 

Peer to Peer Insurance is a community of like-minded people who have a common interest they want to protect. Whether it's friends or family, the community can come together to protect anything and everything, from musical instruments to pet or travel insurance. 

 

Peer to Peer insurance provides:

 
  • Greater personal control
  • Decreased risk of fraud
  • Quicker and more transparent processing of claims
  • Cost savings
 

Peer to Peer insurance arose out of the needs of those who were left behind by the traditional insurance industry. Curious to learn what you could insure? Are you aware of something of significance to your family or community that is currently without insurance?

 

Find Out How Simple it is to Create or Join a Besure Community Pool

 

HOW BESURE WORKS

 

P2P Vs. Traditional Insurance

In order to understand how P2P insurance offers you greater flexibility and more control over your insurance choices at a reduced cost, you need to first be aware of the basics of how traditional insurance works.

 

What is Traditional Insurance?

The premise of traditional insurance is simple. A policy is created for specific coverage (house insurance for example) and offered to a large group of consumers. Traditional insurance groups consist of a large number of strangers purchasing the same insurance together into a pool.

 

Each consumer is assessed based on a profile of information including many factors, such as:

 
  • Age
  • Medical history
  • The region where they live
  • Pre-existing health conditions
 

The cost for their premium is determined based on this information, with some members paying more and some less for the same coverage.

 

The insurance provides assurance that the consumer will be covered in the event of a loss. If someone in the pool experiences a loss, the funds from the pool cover them. Any funds remaining in the pool after the coverage period is kept by the insurance company.

 

The Peer to Peer Difference

 

1. Technology-Based

Peer to peer insurance is founded on apps created to facilitate community insurance from the creation of the pool, to the administration and processing of claims. These apps can provide answers and information quickly and efficiently. They are easy to use and can be accessed at any time by each and every member of a P2P community pool.

 

2. Member Focused

P2P empowers the members by providing insurance that is unique to their specific needs and experiences. It is completely transparent. Members have greater control over their insurance and as a group, they decide:

 
  • What they want to insure
  • How much coverage they want
  • The length of the policy term
  • Whose claims get paid
 

Each member accepts the terms of use for the P2P pool, its privacy policy, and bylaws before entering a pool. All members are welcome to volunteer for the Community Court. These are the members who make decisions regarding claims. Members of the Community Court are known to everyone in the group.

 

Members can access updated information at any time regarding the funds remaining in the pool and the status of any claims that have been submitted and any fund paid to cover a claim.

 

3 REASONS YOU NEED TO CREATE A BESURE POOL WITH FRIENDS

 

3. Financially Beneficial

Hassle-free claims at a lower cost, with the promise of money, returned at the end of the community pool term if you have not submitted a claim that was paid out. Sounds too good to be true but it’s the norm with peer to peer insurance.

 

Tech-based insurance start-ups have reduced their overhead with lower costs for employees, buildings, and advertising. They pass the savings along to their members.

 

Each member pays the same amount to join the community pool regardless of their demographics. Besure retains 10% from each payment for administration of the platform that facilitates the community pool.

 

Any funds remaining in the pool at the end of the insurance term are paid out equally among the members who either did not file a claim or did not receive payment for a claim.

 

4. Socially Connected

 

This fresh new insurance trend is based on the concept of a community caring for its own, with the updated addition of social media. Members can use social media to encourage friends, families or those who share common interests to join the peer to peer insurance pool.

 

Each Besure insurance community pool has a forum to allow members to provide more than risk management. They can share tips, information, and support among their membership.

 

A P2P community pool consists of a group of people with some relationship to one another (family, friends, common interests or hobbies.) Members knowing one another reduces the risk of fraudulent claims being made.

 

Take Advantage of the Protection Besure Offers

To find out more about how Besure’s P2P insurance platform can offer you fair and affordable risk protection, contact us 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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