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Could Insurance Risk Sharing be the Next Ride Sharing?

Blog 2020 November Could Insurance Risk Sharing be the Next Ride Sharing?
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Could Insurance Risk Sharing be the Next Ride Sharing?

Posted By Dick Law Firm || 6-Nov-2020

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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