Abstract

The increasing role of technology is generating new challenges in fostering innovative insurance products and in ofering new means of distribution for existing products. Herein, we focus on peer-to-peer insurance, where technology is used to connect policyholders and the insurance structure recalls its roots based on organised mutual solidarity. The aim is to highlight strengths and weaknesses of the broker model of peer-to-peer insurance. We address the main legal and regulatory issues by referring to European Union regulation on insurance and we develop an actuarial model to support our conclusions and evaluate the convenience of such a business model for policyholders. Although peer-to-peer insurance was created as a fairer alternative to the pool of traditional insurance companies, we see major challenges that need to be solved. The evidence sheds doubt on the convenience of the broker model for peer-to-peer insurance while the regulatory risks seem, paradoxically, certain.
Lingua originaleEnglish
pagine (da-a)457-481
Numero di pagine25
RivistaGENEVA PAPERS ON RISK AND INSURANCE-ISSUES AND PRACTICE
DOI
Stato di pubblicazionePubblicato - 2020

Keywords

  • Distribution of insurance products
  • InsurTech
  • Insurance broker
  • Insurance regulation
  • Peer-to-peer insurance
  • Premium rating

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