A former Marsh actuary who launched a P2P insurance company in New Zealand called PeerCover has admitted it's failed and provides some interesting insight into why.
However, Logan has told Insurance Business that while his idea garnered considerable interest around the globe, it was largely academic, and didn’t translate into take-up. “I was optimistic because New Zealand is quite innovative, but what I was offering was not what they wanted. So it didn’t work. “One of the reasons is that it’s new and different, but people were having to ask how this worked and that worked and there was quite a lot of explanation. “If you’re trying to sell online you’re not going to be able to do that.” He said the international peer to peer insurers he had been in touch with had seen a similar scenario.