Wesurance is proposing to let their peers define what is covered, potentially extending beyond traditional insurance products.
PeerCover provides another take on this. With PeerCover, coverage is determined by the majority of the PeerGroup. This trust based system creates flexibility and fairer outcomes. How is it fairer?
- There is no need for small print, which no-one reads but which are potentially full of bad surprises
- By not trying to define every peril, the cover is broader as some unknown unknowns can be allowed for post event. Quoting Carl Richards@behaviorgap "..risk is what is left over, after you think you've thought of everything."
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