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  5. Friendsurance: Challenging the Business Model of a Social Insurance Startup — A Case Study

Friendsurance: Challenging the Business Model of a Social Insurance Startup — A Case Study

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16 March 2015
Michael Fitzgerald

Abstract

How does a disruptive insurance proposition survive its startup phase and thrive?

Friendsurance is a five-year-old insurance broker which combines social technology with traditional insurance products to create networking effects that lower costs and deliver value. This case study details the initial proposition of Friendsurance and explains four subsequent adjustments made to enhance the proposition.

“The experience of Friendsurance illustrates how both disruptive and incremental innovations combine to sustain a new proposition,” says Mike Fitzgerald, senior analyst with Celent’s Insurance practice and author of the report. “Any financial services firm that wishes to launch a disruptive proposition can learn from their experience.”

The report details how the company has repeatedly challenged its initial assumptions about the business which led to material changes to the operation. Over two years, Friendsurance grew the number of participating insurers by a factor of 10 and is now sustaining a monthly customer growth figure of 20%.

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