Who are they?
Teambrella was founded by three software engineers, based in Russia and Sweden, who are aiming to disrupt conventional insurance companies with their fully self-governing and open-source approach. But there are some core differences between Teambrella and other peer-to-peer insurers.
How do they operate?
As a customer, you create a team or apply to join an existing one that has similar interests and manage it all from a dashboard like the one below (from the demo).
Teams are fully self-governing and oversee all elements of coverage for that team, including:
- Allowing new members and deciding the requirements needed to join
- Setting the rules – what’s covered, what documentation is needed to support a claim, etc.
- Voting on claims
- Paying out on claims
If a team member doesn’t want to vote, or feels like they don’t have the expertise, they can name a proxy to vote for them. For in-depth specifics of how it works, the founders have handily created a white paper that lays it all out. Despite the negative portrayal of traditional insurance, the video below gives a good, quick overview.
What makes Teambrella different?
The start-up has a few unique features to its product. It’s been designed for a high level of transparency, but it also has no premium. Instead, funds are put into a personal Bitcoin wallet to be drawn upon if and when needed.
There are also two working Teambrella demos on their website, so you can see the platform it in action, such as how claims are made and what it’s like to be part of a team.
Coverage rules and deductibles are set by the team with everyone starting with the same risk.
What does it mean for the industry?
Teambrella may be a niche product for people keen to actively engage with their insurance through a virtual community. They’ll also need to understand risk and the cryptocurrency wallet technology that underpins it.
But the peer-to-peer model and these niche elements will only become more and more mainstream, so Teambrealla’s certainly an insuretech company to watch.