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A unique type of insurance company has raised some serious funds.
Friendsurance, a peer-to-peer insurance company, has raised $15.3 million in a funding round led by Horizon Ventures, led by Li Ka-shing, currently the richest man in Asia.
Through the Berlin-based company, customers can link up through various social media channels and create individual insurance networks, which have the added benefit of lowering their annual insurance premiums. In fact, more than 90% of those who used Friendsurance's method in 2013 received at least a portion of their premiums back.
Friendsurance was founded in 2010 and currently has approximately 70 insurance partners and 80 employees.
The German company represents the enormous potential of the peer-to-peer market. Friendsurance is tapping into that market in an innovative way, but there are so many more facets of the P2P world that companies can explore.
BI Intelligence, Business Insider's premium research service, has put together a bundle of in-depth reports on the peer-to-peer market that take a deep dive into each aspect:
The Peer-to-Peer Lending Market Report: This report analyzes the factors that have helped nurture the most successful markets for peer-to-peer lending, identifies the next high-growth markets, and assesses the risks that could stall the industry's progress. It also provides a companion report explaining how P2P lending works and why it solves the inefficiencies of the traditional lending model.
The Peer-to-Peer Lending Explainer: This report looks at the mechanics of P2P lending platforms and how they are using online marketplaces to lower rates, increase returns, and expand opportunities for borrowers and investors. It also provides a companion report on the top markets for P2P lending and the next major countries where growth will take off.
The Peer-to-Peer Payments Explainer: This report explores the market for P2P payments, how they work, and the types of businesses that are offering these services and why.
In full, these reports:
To get your copy of these invaluable guides, choose one of these options:
The choice is yours. But however you decide to acquire this report, you’ve given yourself a powerful advantage in your understanding of the peer-to-peer market.