WASHINGTON–Techies with an affinity for creating Web-based networking communities could soon replace insurance companies, especially those that are secretive about their pricing models for hard-to-place specialty risks, two technology experts suggested last week.
Drawing a parallel to a Web-based lending model–an example of a user-powered community that is now part of an expanding Internet environment known as Web 2.0–the technology experts extemporaneously brainstormed the creation of "Lloyd's 2.0."
The on-the-spot conceptualization took place during a session titled "Web 2.0: Is the Future of the Internet Insurable?" at the Professional Liability Underwriting Society's 2007 International Conference held here last week.
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