This P2P Car Insurance Startup Lets Groups Combine Premium Payments
Alyson Wyers — July 8, 2014 — Autos
References: heyguevara & springwise
This UK-based P2P car insurance startup pools together cash from claimants to bring down the cost of premiums. Guevara offers a platform for peer-to-peer group payments with people you find trustworthy.
The P2P car insurance service has two options: you can create your own group along with friends or have the company match you up with other responsible drivers who share a similar claim history. Once you are part of a small group, your premium payments will only be covering the drivers in your group. Any leftover funds at the end of the year when all claims have been made will go directly toward lowering the premium of all members.
Guevara states safe drivers could cut down their premiums by up to 80% after a few years.
The P2P car insurance service has two options: you can create your own group along with friends or have the company match you up with other responsible drivers who share a similar claim history. Once you are part of a small group, your premium payments will only be covering the drivers in your group. Any leftover funds at the end of the year when all claims have been made will go directly toward lowering the premium of all members.
Guevara states safe drivers could cut down their premiums by up to 80% after a few years.
Trend Themes
1. P2P Car Insurance - Disruptive innovation opportunity: Creating a peer-to-peer car insurance platform that allows individuals to pool together premium payments.
2. Group Payments - Disruptive innovation opportunity: Developing a platform that enables group payments for insurance premiums, resulting in reduced costs for participants.
3. Premium Reduction - Disruptive innovation opportunity: Designing an insurance service that rewards safe drivers with premium reductions based on their driving history.
Industry Implications
1. Insurance - Disruptive innovation opportunity: Transforming the traditional insurance industry by leveraging P2P and group payment models.
2. Financial Technology - Disruptive innovation opportunity: Introducing innovative financial technology solutions that facilitate peer-to-peer transactions and pool premium payments for various industries, including insurance.
3. Automotive - Disruptive innovation opportunity: Integrating P2P car insurance platforms into the automotive industry to offer cost-effective and personalized insurance options for drivers with similar claim histories.
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