RiskGenius Blog

Insights into our world of Insurance & Technology.

Besurance vs. Lemonade: The P2P Insurance Battle


Last week I highlighted Lemonade as a company to keep an eye on in the Peer to Peer insurance space.  Lemonade claims to be the first peer sharing insurance carrier in the United States.  However, Besurance, based out of Calgary, Canada, is a P2P risk sharing company claiming to be the first of its kind in North America. According to their website Besurance Corporation is made up of three different divisions: Besure, Besure Agency and Besure.x.  What are these different divisions and how does it differ from Lemonade? 


What is Besure?

“True peer-to-peer risk sharing platform harnessing the power of social networking, cooperation and the sharing economy. Empowering individuals to come together to protect the things that matter most.”


Besure was created from the vision of risk professionals and experienced actuaries. This peer-to-peer risk-sharing platform allows you to form groups to cover anything from guitars, gadgets, pets, homes, or automobiles. If at the end of the year you have made zero claims then you get your money back and if you made less claims then predicted you get a bonus back. Besure’s insurance sharing platform claims to give control back to individuals to protect what they care most about.


What is Besure Agency?

 “Traditional insurance entity (MGA) with innovative turn-key model to develop, implement and market customer-centric insurance products for the Canadian market.”


As a traditional insurance entity (MGA) Besure Agency is considered a specialized insurance agent/broker that possesses underwriting authority from an insurer. This ability to underwrite policies will compliment Besure as groups are able to form and protect any type of gadget, pet, or miscellaneous object imaginable. 


What is Besure.x?

“Innovation hub to advance research and leverage technology to develop game-changing crowd co-creation solutions that are transparent and easy-to-use.”


Besure.x is rolling out a 6-month wellness program that synchs consumer’s wearable technology with others through their social platform. They are offering members access to professionals. These professionals will advise members on eating habits, exercise patterns and other lifestyle changes. This program is supposed to be launching sometime in Feb. 2016.



What is the difference between Lemonade and Besurance? 

 You are probably wondering about now what the difference is between both of these companies and which one you should pay more attention too. My answer... both of them.  


Both companies are still hiding the majority of their business plans and I have to admit I haven't found many differences. Both companies are offering consumers a P2P insurance sharing option that promises to "revolutionize" how consumers currently do insurance. 


A main difference between the two companies is that Besurance isn’t just looking to bring peer-to-peer insurance to consumers but a whole multitude of social sharing products to North America. Their multi-platform approach allows Besurance to appeal to  innovative consumers and health-concious consumers. The only problem I detect is that by creating two separate social sharing platforms one may take a back seat to the other. They may lose the advantage of being first to the market because they tried to revolutionize too many products at one time. 


Lemonade is claiming to be the world's first P2P insurance carrier. This single platform approach and revolution of the whole insurance process may allow Lemonade to better integrate and serve their customers. However, it might not have all the advantages of Besurance that customers find they need in order to take advantage of all the new P2P platforms that are appearing. 


Keep an eye out for both companies. In the end it might not matter who was "first".


Check out Besurance Corporation’s press release to learn more about their products and vision for their company.