A peer-to-peer insurance revolution is coming to Australia, claims Prince, Australia's first professional- to- professional insurance platform.
The aim of the tech start- up is to change the way professionals interact with their professional insurance and build social communities where professionals can engage with their peers for the purposes of professional indemnity insurance.
It is not an insurer, but a platform with as yet unidentified insurance partners that aims to get professionals to feel like a prince or princess about their insurance.
The platform seeks donations to keep its dreams alive of launching in 2018.
Prince is initially offering professional liability insurance and will ultimately target 640+ million professionals worldwide whilst charging 10% as commission from each claim made through the PrinceInsure platform.
Prince in partnership with professional groups will provide professional liabilities insurance to professional communities and bring professional communities together. The aim is to change the way professionals interact with their professional insurance and build social communities where professionals can engage with their peers/colleagues. This interaction will make them change their behaviour that give rise to claims and improve insurance portfolio performance.
Ian Youngman, author of Peer2peer Insurance says, "Having once been a professional indemnity broker and knowing how many insurers globally have gone under writing the tricky and deep pool of professional indemnity, I applaud their bravery. One part of me says- 'good on you sport' but another thinks the techies may have been watching one too many episodes of Game of Thrones. Changing behaviour is not the problem, it is the customers who sue even the best professional, often without cause."