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Different P2P insurance providers operate in different ways. Some pools only cover specific types of insurance such as auto insurance. Others require that members have similar causes like a support for ovarian cancer. Some groups even implement the crowdfunding tool to insure each other’s sick leave. Some providers refund unused premiums to the individual pool members. Others give the unclaimed premiums to a charitable organization or cause that unites the policyholders. A minute number of providers use Bitcoin as their currency of payment.
The innovative nature of P2P insurance has presented some challenges for insurance regulators who consider the P2P model different from the traditional one. Similar concerns across regulatory bodies that are seeing technology disrupt the traditional norm in the financial industry have given rise to a new group of companies called Regtech. Regtech uses innovative technology to help companies and industries partaking in digital advancements efficiently comply with industry regulators.
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