Insurers should bring back mutuality to the protection industry with peer to peer (P2P) insurance to be considered, delegates at the Protection Review conference heard.
Tomasz Krzewina from Swiss Re said that P2P finance had been successful and some of its strengths could be translated to a protection audience.
He said: "P2P finance - why is it so successful? Most articles would focus on banks and say it is successful because banks lost trust from customers and they are turning away from alternatives. No-one says what are P2P companies doing right?"
He gave examples citing personalised experience - "From my perspective the customer experience was excellent. What they've done as a consumer, made me feel part of community and something bigger, the investment as tangible as I can imagine and the experience is emotionally rewarding."
He concluded: "As a take-away, I would like to encourage you all what you can learn from P2P finance, what P2P would look like for protection and how we could bring mutuality back to protection.
Kevin Carr, chief executive of The Protection Review commented that people trust each-other and if you bring together a group of people insured together, they would trust each-other.
He added: "In an industry obsessed with perfection, good advisers obsessed with perfection and product provider obsessed with perfection, there is still perception of poor value and distrust, I don't understand how the gap [remains.]"
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