PeerCover and Riovic Announce Collaboration to Enhance Peer-to-Peer Insurance

  • by Phiwa Nkambule |
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New Zealand – PeerCover, the New Zealand peer-to-peer insurance provider today announced a collaborative development agreement with Riovic to enhance user experience and develop peer-to-peer insurance products.
In addition to Riovic’s existing technology, which connects consumers with financial advice and investment opportunities, Riovic is developing affordable health insurance, which is in early stage development.  PeerCover has developed multi-line peer-to-peer insurance products including phone, motor and pet covers. The goal of this collaboration is to leverage Riovic’s social network platform to deliver superior peer-to-peer insurance solutions.
The co-development of peer-to-peer insurance is a major strategy of PeerCover’s vision, and our collaboration with Riovic and our expansion into a more social offering is right in line with this strategy, said Chris Logan, Founder of PeerCover. Peer-to-peer insurance is inherently social in nature and the IT system supporting this offering should reflect that. Through the use of Web 2.0, we can provide superior user experience for those covered by peer-to-peer insurance.

Our collaboration with PeerCover complements Riovic’s primary strategy of enabling financial inclusion and freedom. We believe affordable insurance is an important part of that strategy. Through our collaboration with PeerCover, we hope to strengthen our knowledge and develop refreshing products in an area (insurance) that has traditionally been plagued by complexity and opaqueness, whilst also bringing some formality to current informal risk management methods used in South Africa. We believe peer-to-peer insurance can help deliver on current issues such as those identified in the 2013 Cenfri study (The Centre for Financial Regulation & Inclusion – The nature of informality in the South African funeral services market – implications for policymakers and regulators) and we are excited by that, said Phiwa Nkambule, Co-Founder & CIO for Riovic.

About PeerCover
PeerCover provides peer-to-peer insurance services for New Zealanders. Customers save on insurance premiums by buying less insurance and cost-share unexpected costs with friends and family. PeerCover’s structure makes cost-sharing simple and hassle free. PeerCover is headquartered in Richmond, New Zealand. Additional information about PeerCover is available at www.PeerCover.co.nz

About Riovic
Riovic is a South African financial technology company that connects consumers with financial advice, investment opportunities and affordable insurance. Riovic is headquartered in Sandton, South Africa. Additional information about Riovic is available at www.Riovic.com