Your Story

Episode 68 : Sebastian. Re-Inventing Insurance using Social Networks


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Using a 350 year old model to create a 50% discounted Peer to Peer insurance scheme.

You hate insurance, I hate insurance, we all hate insurance but we all know, when things go down the toilet, it’s good to have the safety net to help us recover.

Like all of us, Sebastian Herfurth hated insurance also but after deciding he didn’t want to work in law, thought, there had to be a better way for insurance, using the power of modern social networks. This is simply reinventing the forgotten system from the history of insurance of 350 years ago, when friends and colleagues would group together to spread the risk of damages.

Sebastian Herfurth

The reason we don’t like insurance is we’re dealing with a gargantuan, faceless company and we never see benefits unless something goes wrong.

If we’re a good risk we see little benefit.

Sebastian and the team at Friensurance are taking that model of insurance and turning it on its head. If we do the right thing, not to abuse the scheme and make no claims, we’re rewarded with up to a 50% refund of our insurance premium.

This scheme is all about using the opinions and good will of our social network to encourage risk minimisation and avoid people who may defraud the scheme.

It’s simple really…

  1. Buy insurance through Friendsurande from a large traditional provider.
  2. Group a good risk, social network to share the policies.
  3. Claim when needed but not abuse.
  4. If no claims are made, receive a refund of 50% at year’s end.
  5. By grouping people who respect each other, abuse is avoided so all benefit by receiving the refund. If there are excessive claims the insurance company is supporting the policy to ensure that claims are still underwritten.
    The insurance companies benefit by having low risk individuals keeping an eye on each other for their mutual benefit, resulting in minimised fraud and abuse. That reduces overheads for the companies resulting in refunds to the customers. The companies are generating the same income, it’s just that with Friendsurance there is no need to pass on to the customers the cost of abuse and fraud, resulting in the 50% refund. Bonus
    High risk individuals whose social network isn’t interested in supporting them would still have to purchase tradition insurance at the normal 100% cost.
    Friendsurance is all about someone having a vision for taking a tired old system, with good heritage, back to its roots using the power of modern communications to remove abuse for the benefit of all.
    And Sebastian doesn’t have to be work as a lawyer.

    The company website is Friendsurance.de

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