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Is P2P Insurance just cost sharing?

20/7/2015

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Cost sharing is an alternative to insurance in the US. So how does is work?
  1. Primarily for medical costs 
  2. Members commit to pay a certain amount each month towards any medical expenses that members in their group may have. 
  3. The cost sharing organizations streamline members' donations and make sure they make it to other members who are in need that month. 
  4. Members are generally required to examine costs prior to making health care decisions which keeps costs low.
  5. Because this is not insurance, there is no guarantee that medical bills will be paid. 
  6. There are rules or guidelines that provide for what types of expenses the membership will share and what types are not approved for sharing. 
  7. The member base is sufficiently large that the fact that there is no guarantee is largely legal semantics.
  8. Members who have common ethical or religious beliefs

But what about 'P2P Insurance'^ like PeerCover:
  1. Primarily for car insurance but able to be adapted to other risks (pet, phone, health, house etc)
  2. Members deposit monies which may pay for costs that members in their group may have
  3. PeerCover streamline members' deposits and payment to other members who have claims
  4. Members are expected to only claim for reasonable expenses as the group can vote down the payment (by majority only)
  5. There is no guarantee that claims will be paid
  6. There are rules around the maximum payment*
  7. The member base is small but so are the risks taken (insurance excess or gaps in insurance cover) so the fact that there is no guarantee is not a big issue
  8. Members who have common beliefs i.e. transparency will lead to better outcomes, no claim means no costs, fairness over fine print


^ P2P Insurance has different interpretations, some have no deposits but can call on members to fund losses, others use insurers to redistribute premium - not just to pay claims, expenses and profit but also to pay claims experience discounts.

* the smaller of member net loss after insurance, 3x the members deposit, the total of the PeerGroup deposits less the $100 claims administration fee
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Ever heard that you should "only insure the stuff you can't afford"? - well now you can

18/7/2015

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You may have heard this pearl of wisdom before but until recently most insurance companies only offered 'the works' for home insurance so your only only option was to buy expensive cover. This has now changed, well at least if you live in Queensland; IAG has recently launched a new product called InsureLite. Some of the key features are:
  1. $5k or $10k franchise i.e. pays out your full loss as long as the loss is greater than $5k or $10k
  2. Covers the roof over your head not the nice to haves (garages, sheds, pools, fences etc)
  3. Pre-defined replacement options (in the case of total loss) to the value of $150,000 or $200,000
The third feature is effectively 'insuring off the plan' which has some great benefits:
  • It is clear for both you and the insurer what you will get for your money which should, all other things being equal, mean you get a roof over your head faster
  • You don't need to try guestimate your sum insured - after all estimating change in building codes, change in material costs, demand inflation following a catastrophe etc is far from straight forward even for professional estimators
  • Insurer's can get benefit from scale because they are not rebuilding hundreds of different types of houses
We think InsureLite is a breath of fresh air. In order get the right balance of coverage and affordability just mix with a liberal amount of self-insuring and PeerCovering.
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Co-owning assets - PeerCover can help 

16/7/2015

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First published in Financing the Purchase of and Insurance Costs for a Shared Car by Janelle Orsi

Co-owning assets can come with some unwanted surprises. For instance for a sharing car lead to unexpected mechanic bills, accidents not or only partially covered by your insurer etc. Janelle Orsi advises a pre-agreed asset-sharing agreement should be used to cover these situations. But what if your co-ownee doesn't have the cash to pay their share?

If you don't have a pre-agreed asset-sharing agreement or if you just want to ensure that money doesn't become a problem, PeerCover can help. 
  • PeerCover provides a way for both you and your co-ownee to save for potential surprises. 
  • PeerCover's services also include an independent recommendation as to whether an expense should be paid from the shared pool - just in case there is a stand-off.
  • If you want to know whether your co-owner is keeping up with payments, you can do a quick check online.

So if you are thinking about co-owning, think about PeerCover
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Peer-to-peer insurance - international comparison:

11/7/2015

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First published by friendsurance 08/07/2015
In March 2011, the German Fintech company Friendsurance launched the first
worldwide peer - to-peer insurance.  The concept has now been adopted in the UK, France and New Zealand. The table below, takes a closer look at the four existing peer-to-peer insurance providers:
Picture
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