Friendsurance is an insurtech startup founded in 2010 in Berlin that introduced a peer-to-peer insurance concept where customers can earn a claim-free bonus. The business model incorporates traditional insurances and brokers by allowing customers to insure each other while digitally enabling extensive sharing of resources and relying on crowd-based consumer networks. Short term effects include potential fraud and cost reduction while ensuring high customer satisfaction and loyalty, but long term impacts could involve issues with privacy, discrimination, and changes to traditional industry business models and volumes.

1. FRIENDSURANCE
INSURTECH IN THE SHARING ECONOMY
11 Kunden in
produktion
Main characteristics of today’s sharing economy
Digitally enabled
marketplace
Extensive use of
resources
Crowd-based consumer
networks
Merging of personal
activities and work
Business model Friendsurance
 Insuretech start-up, founded 2010 in Berlin
 First to introduce a peer-to-peer concept to insurance
 Main value proposition: claim-free bonus
 Corporation with traditional insurances and brokers
 High future potential
Short term effects Long term effects
 Fraud & cost reduction
 High costumer
satisfaction & loyalty
 New consumer group
 Increased market volume
 Private relationships
 Privacy issues
 Discrimination of
parts of society
 Decreased profitably
 Collaboration hubs
 Improved industry
image
 Expansion of
business model
 Decreased market volume
 Change of traditional
business models
 Superfluous physical
presence
Franziska Becker – Master in Management, IE Business School, 2017