Friendsurance eyes Australia with their P2P cash rebate model

Friendsurance FilteredHQ

Friendsurance has developed a revolutionary peer-to-peer insurance concept, which rewards small groups of users with a cash-back bonus at the end of each year if they remain claimless.

Currently only working in Germany, Friendsurance claims to have a customer base in the six digit range. Having started operations in 2011, they say that they succeeded in adding 75,000 new members over 2015. As a part of their announcement, the company says that they are looking to bring their service to Australia at some point later this year.

Business Model

  • 80% of customers get a no claims cash bonus end of each year
  • Upto 40% of GWP cash rebate

This is achievable due to decreased costs in marketing, management and fraud

Timeline

  • March 2016 – $15.3m funding
  • 2014 – Undisclosed Series A
  • 2012 – Undisclosed Seed
  • 2011 – Undisclosed Seed

Details