- We were't able to team up with an insurer to offer a comprehensive solution - so it wasn't a '1 stop shop'
- p2pInsurance/sharing is easy to grasp at a high level but involves complexes at the more granular level. This is also true of insurance in general but people are starting from a better knowledge base for insurance. Complex products do not favour online sales.
- PeerCover's marketing spend was small. Whilst we were able to get some publicity this was mainly to other insurance professionals/more international than the local public
- Our UX wasn't great. We really should have built a reputation mechanism / allowed user to post profiles to facilitate sharing / forming groups.
- It may also be a local market issue. The chch earthquakes/insurer bankruptcies & GFC/failures of shadow banking industry are still fresh in people's mind. So locally people are weary to try p2pInsurance/PeerCover
Feel free to comment below or privately contact us with your thoughts.