Disrupting Insurance

How did you spend your last holiday? Did you go sightseeing in London aboard a Boris bike, find a great place to stay with airbnb, or catch a lift to somewhere new with ride sharing firm Bla Bla Car? [..]

In the UK, Guevara has taken inspiration from the sharing economy and set up a “collaborative consumption self-insurance platform” that aims to “get rid of the insurance company and allow you to manage your own insurance.” Guevara is all about groups. When you join a group, your premium goes into a group protection pool, which funds claims made by group members during the year. Any leftover funds at the end of the year are kept by the group, ready to fund the next year’s cover.