Use the power of your social network to lower the cost of insurance.
VouchForMe can help.
VouchForMe is an online social proof platform for gathering guarantees that cuts your insurance premium costs.
is a psychological phenomenon in which people are influenced in their decisions and actions by mirroring other people or social groups.
Family and friends show their trust with a financial commitment that is triggered only in case of an insurance claim. The group backing is social proof and insurance company rewards you by lower premium.
The higher the risk and commitment from you and your friends or family, the lower your cost of insurance. In a system based on sharing, the key component is group trust.
In case of a claim, the deductible will be split proportionally between members of the group who trusts you and one another. But only up to the set amount they guaranteed for, with no hidden fees or additional risk.
It’s certainly different from what the majority of insurance companies are doing at the moment. The idea that you can reduce your premiums in any way is a good thing, especially if you look at my age group. As a young male driver, I tend to have much higher premiums as being in the high-risk group, so definitely to be able to get this premium down is a great thing. I think that for the people of my demographic it would be quite an attractive idea because we tend to have quite big social groups, friends who I might vouch for and they vouch back and you both get reduced premiums because of that.
I think it’s a brilliant idea especially for parents who want to insure their children because buying a car is already expensive. I think the idea really appeals to mums, dads, grandparents for new drivers. It’s a great opportunity to show how someone is trustworthy by having people vouch for them. I think it would be a huge success with families and VouchForMe is something I will 100% sure look into for my girl when the day will come. Nowadays, you can get a cheap car but the insurance that always bumps up prices.
An affinity group comprises of a group of people linked by a common interest or purpose. They can be social or professional, and for years insurance companies have offered cheaper and tailored insurance premiums for affinity groups.Read more
Buying car insurance can be a daunting task. Should you choose a third-party policy or full coverage? How high should the deductible be? Why are policies so much cheaper for different people. The more you understand about insurance, the easier it is to get a policy that’s right for you.Read more
Like much of Europe, to prevent the spread of Covid-19, the UK has been locked down for six weeks. With people now only leaving the house for the weekly shop, car usage has dropped by 75%, with mid-April having traffic levels comparable to 1955. Should this mean lower premiums for drivers?Read more
As the world starts to get slowly back to work, many workers are beginning to see the value of income protection. Last week Aleš Tomazin, Head of Business Development, presented our second webinar, which focused on the rise of peer-to-peer (or P2P) insurance.Read more
Traditionally insurance companies managed without focusing on customer engagement. Things are changing, with social media marketing, influencers, and personalization as well as the rising buying power of Millenials and Generation Z.Read more
Every action that an individual takes, involves at least a small element of risk, and risk management is a part of life…For businesses, it’s about the steps you can take to protect your income and property. Follow these steps and become a master of risk management.Read more
The impact of the coronavirus pandemic has shocked Europe. Most freelancers have no insurance or income protection, and the pandemic is showing how quickly people struggle when out-of-work. Income protection is a peer-to-peer alternative to traditional insurance…Read more
Insurance is set to change and customers are set to benefit. The expansion of the Internet-of-Things (IoT) has expanded the use of telematics. Do you ever drive at night? Or use country roads? Installing a black box might mean you pay more for insurance.Read more