PeerCover Progress Report

PeerCover hasn't been successful to-date as publicized in this insurancebusiness article . There are a number reasons for this, which I thought I'd share with y'all:

1. We were't able to team up with an insurer to offer a comprehensive solution - so it wasn't a '1 stop shop'
2. p2pInsurance/sharing is easy to grasp at a high level but involves complexes at the more granular level. This is also true of insurance in general but people are starting from a better knowledge base for insurance. Complex products do not favour online sales.
3. PeerCover's marketing spend was small. Whilst we were able to get some publicity this was mainly to other insurance professionals/more international than the local public
4. Our UX wasn't great. We really should have built a reputation mechanism / allowed user to post profiles to facilitate sharing / forming groups.
5. It may also be a local market issue. The chch earthquakes/insurer bankruptcies & GFC/failures of shadow banking industry are still fresh in people's mind. So locally people are weary to try p2pInsurance/PeerCover

Of course we are addressing these issues - so we are down but not out.
Feel free to comment below or privately  with your thoughts.