Peer to Peer, Social and the Sharing Economy for Insurance

Daily Fintech

By Rick Huckstep

A good friend of mine once described selling as the “art of making buyers”. Whether you agree with this perspective or not, the one thing that is true about the world of sales is that for someone to buy, they need to be motivated to do so.

Now apply this truism to Insurance. What motivates buyers to buy insurance? Especially when it’s a commodity protection product. The buying process is more involved for the sophisticated insurance products you find in commercial lines, reinsurance or life and pensions. That’s a subject I will write about another time!

This week, I was interested to look at how protection products are being sold by the new players in the world of InsuranceTech. This is the world of distribution, where customer acquisition costs, sales velocity and volume are the key performance indicators.

Over the last decade, with the massive growth of the Internet…

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