The latest buzzword to float around the insurance industry,especially in communications targeted to consumers is “P2P” orpeer-to-peer.

In the technology world, in a P2P network, the “peers” arecomputer systems that are connected to each other via the internet,according to Tech Terms. Files can be shared directly betweensystems on the network without the need of a central server.

The idea has been adopted by some financial services companiesthat use social technology to directly connect would-be borrowerswith available lenders, bypassing traditional banks. Think for debtorsand creditors. Now, it's expanded into the insurance industry withtech start-ups like Lemonade and Uvamo, bypassing traditional insurance carriers,agents and brokers.

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Rosalie Donlon

Rosalie Donlon is the editor in chief of ALM's insurance and tax publications, including NU Property & Casualty magazine and NU You can contact her at [email protected].