A new approach to peer-to-peer insurance
In 2013, a group of four Czech insurance experts decided to establish a new insurance company – the kind they always dreamed about. The idea was to bring insurance back to its original objectives and values such as mutuality, trust and effective financial aid for those who find themselves in trouble.
Inspired by the principles of sharing economy and the worldwide success of p2p services, they founded PRVNÍ KLUBOVÁ pojišťovna (The First Club Insurance Carrier), the first p2p insurance carrier in the world (the other p2p companies have a status of insurance agency, see what is the difference).
After two years of preparation, PRVNÍ KLUBOVÁ started its operation in September 2015. Currently, it offers a wide range of non-life insurance products (home, car, and liability insurance; accident insurance is to be launched in 2016).
Unique business model
In contrast to other p2p insurance projects (e.g. Friendsurance, Riovic) that operate mostly as independent brokers, PRVNÍ KLUBOVÁ has its own capital base, robust enough to cover all clients’ claims.
The business model of PRVNÍ KLUBOVÁ thus combines the advantages of p2p insurance with the financial stability of a “standard” insurance company. It is built upon the community principle: the clients create their own networks and share their risks. The clients with no claims submissions also gain a guaranteed profit share every year.
At the same time, the company is a regulated subject, licensed and supervised by the Czech National Bank. This innovative model is unique on the insurance market and makes PRVNÍ KLUBOVÁ the first full-service p2p insurance company in the world.
The major investor of PRVNÍ KLUBOVÁ is the RSJ Private Equity, an investment fund established and co-owned by the Czech mathematician, entrepreneur and philanthropist Karel Janeček.
Legally, PRVNÍ KLUBOVÁ is a joint-stock company owned by its founders – Marek Orawski, Miroslav Matocha, Lubomír Bušek, and Filip Saidl –, RSJ Private Equity and its software provider AIS software.
If you would like more information, do not hesitate to contact us via firstname.lastname@example.org.