Friendsurance raises $15.3 million in latest round of funding led by Horizon Ventures
A unique type of health insurance company has emerged to raise a significant amount of funding to aid its expansion. Friendsurance, a peer-to-peer insurance company, has announced that it has raised $15.3 million in funding, led by Horizon Ventures. The insurer aims to change the way people look at insurance coverage and how they acquire this coverage and handle premiums. The company may be able to change the way that insurance works in the future through its innovative take on the sector as a whole.
Company allows consumers to create individual insurance networks by linking their social media profiles
Through Friendsurance, people can link together their various social media profiles to create individual insurance networks. These networks have the benefit of lowering annual premiums. Approximately 90% of those who used Friendsurance in 2013 received a portion of their insurance premiums back through such networks. Friendsurance has some 70 insurance partners that offer coverage through various channels, giving the company a great deal of potential in the peer-to-peer market. The company plans to tap into this market more aggressively in the coming years.
Reports highlight the growth of Europe’s peer-to-peer market
BI Intelligence has released reports concerning the peer-to-peer market. One report highlights Europe as the next big peer-to-peer market. Europe reached $3.9 billion in the alternative finance market in 2014, a 144% jump over what it had been in 2013. Friendsurance is a company based in Germany and could benefit from the aggressive growth of the peer-to-peer market, especially where health insurance is involved.
Friendsurance could change the way the health insurance industry works in the future
Friendsurance provides a new take on the health insurance sector which other companies may seek to mimic in the future. Consumers are becoming increasingly concerned with growing premiums, as higher costs will limit access to insurance coverage. Creating individual insurance networks may become a powerful tool for consumers in the future, especially as consumers seek to have more control over their insurance costs.