INDIA PEER TO PEER INSURER INDIA P2P INSURANCE
WHAT IS A P2P INSURANCE IN INDIA ?
In India, a P2P (Peer-to-Peer) insurance is by definition a platform where a number of Indian individuals collect their premiums to cover the risks they are facing by sharing them collectively in case a member of the this P2P risk sharing scheme is subject to damages.
In India, a peer-to-peer insurance is dedicated to present an alternative option to the Indian traditional insurers who are often reluctant to pay out in claims of Indian insured individuals which ends in legal conflicts.
In India, a P2P insurance presents a series of benefits particularly regarding the premium paid in the insurance scheme which are lower than the one required by Indian conventional insurances, this is mainly due the fact that peer-to-peer insurance don’t need fixed costs such administration and do not have a huge staff.
In India, a P2P insurance has also the advantage that insured people contribute to the management of this insurance and receive the excess of premium which hasn’t been spent to cover damages such as accidents.