The latest buzzword to float around the insurance industry, especially in communications targeted to consumers is “P2P” or peer-to-peer.
In the technology world, in a P2P network, the “peers” are computer systems that are connected to each other via the internet, according to Tech Terms. Files can be shared directly between systems on the network without the need of a central server.
The idea has been adopted by some financial services companies that use social technology to directly connect would-be borrowers with available lenders, bypassing traditional banks. Think Match.com for debtors and creditors. Now, it's expanded into the insurance industry with tech 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 PropertyCasualty360.com. You can contact her at [email protected].
