The P2P insurance concept
Friendsurance has developed a revolutionary peer-to-peer insurance concept. Based on a shareconomy approach, policy owners with the same insurance type form small groups. A part of their premiums is paid into a cashback pool. If no claims are submitted, the members get up to 40% of their premiums back at the end of the year.
In case of claims, the cashback decreases for everyone. For bigger claims, the standard insurance company covers any amount that exceeds the coverage through the group. In case there is insufficient money left in the pool to cover a claim, a stop-loss insurance covers the rest.
Last updated: 30th of August, 2016