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Social insurance company relies on communities to reduce premiums

Social insurance company relies on communities to reduce premiums

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Published by: Crowdsourcing.org on May 19, 2011
Copyright:Attribution Non-commercial


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Social insurance company relies oncommunities to reduce premiums
By: friendsurance, May 18,2011
We've seen a number of innovative insurance initiatives in recent years, fromfreemedical insurance in Mexico City todiscounted car insurance for GPS-guided drivers.Now we've spotted friendsurance,an initiative that lets you manage your own insurance claims amongst a select group of friends.German friendsurance enables its users to create communities of up to 15 peoplewho can help cover an insurance claim in the case of an accident. These friendscan be pulled in from a user's Facebook account, and, once they have become amember, they can then provide between EUR 30
50 to help cover a fellow
member’s claim. When a claim exceeds the
amount the group can provide,
friendsurance will then cover the rest of the claim. The ―social insurance‖ model
means that many small claims can be handled without the need for involvementfrom friendsurance itself, which reduces administration costs and thus enables the

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