The vision of Friendsurance is to make insurance more customer-friendly. As pioneer, the Insurtech company has developed an innovative peer-to-peer insurance model which rewards small groups of customers with a cashback bonus each year if their group remains claimless. Currently, the claims-free bonus is available for car insurance, home contents, legal expenses and private liability insurance in Germany. So far more than 80% of users have received a cashback – in the property insurance line the average cashback has been 30% of the paid premiums. Additionally, Friendsurance provides customers the opportunity to manage their insurance policies online. Friendsurance operates as an independent online insurance broker in the German market with a six-digit number of customers and around 70 domestic insurance partners. Founded in 2010, Friendsurance currently employs approximately 90 people in its headquarters in Berlin.
When Friendsurance launched its peer-to-peer insurance model in 2010 it was completely unique. Since then, more than 25 copycats have emerged across the world and a new segment solely for peer-to-peer insurance has been established with Friendsurance as segment leader.