Insurance risk sharing
Another possibility of reducing regulatory-related insurance industry costs
is whether these items are supposed to be quasi-insurance despite not
being accurate insurance contracts regulated by state insurance regulators.
Property insurance is a product class that could share standard risk transfer features.
A hope for honesty
Recall of extended warranty arrangements. These goods should vary from
standard DOIs-approved adhesion contracts. In short, while peer-to-peer
insurance is a small fraction of the market and is far behind peer-to-peer
loans, the upside opportunity is very enticing and may allow consumers
to select their risk pool honestly. What seeks are agencies, carriers,
insurance businesses, entrepreneurs, and VC investors?
Everyone wants significant changes over the status quo. Change can be accomplished
by significant productivity improvements or innovative goods and services
that improve customer experience.
Ridesharing vs. insurance
In this blog, I have repeatedly identified wide-ranging problems in the
P&C insurance industry, highlighting some significant innovations
that could close existing gaps. Is it enough to close established holes
in the new insurance model? Is it possible to define an alternative business
model that exceeds expert forecasts based on other industries' precedent?
Does ride-sharing firms disrupt the taxi industry closely parallel to
P&C insurance? Here are some similarities:
- Both have a common problem that customers need a solution,
- A state regulatory structure was established to protect consumers,
- The existence of fairly strict regulations offers customers meaningful benefits,
- Restrictions have led to artificial barriers to entry and stifled innovation,
thus defending emerging players from a host of competitors,
- This stagnation led to provider complacency and less than optimal customer
service, and
- Purchase decisions were taken less as an affirmative option but as an obligation
due to a lack of acceptable alternatives
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