fintechFIVE: Friendsurance

Elizabeth Barry 16 November 2017 NEWS

fintech friendsurance

Perry Abbott

CEO and Managing Director

In two sentences or less, describe your product or service.

Friendsurance is Australia’s first peer-to-peer insurance provider. Started in Germany over five years ago, German customers have been getting on average 38% premium refunds on their insurance for remaining claims free. They started the business to give customers the chance to get something back from their insurance apart from when they claim.

We just launched our Cashback Bike Insurance for cyclists, it provides comprehensive cover for you, your bike and third parties, with a low excess. It also gives you the chance to get a premium refund of up to 40% if you and your network remain claims free, with the peace of mind that in the worst case will never pay more than the original premium.

What has been the company's biggest milestone to date?

We are really proud that we launched an insurance product for cyclists that not only gives them the opportunity to get a claims free cashback, but for first time cyclists have a competitive comprehensive cover in one place, with new features backed by the security of Lloyds.

We are pleased to see that many of our competitors are improving their covers and offering new forms of rewards. These disruptive outcomes are great for customers.

What’s your most useful advice for having a productive day?

Every morning make sure you hug your partner, kids and dog, then bring that love and energy to work (hopefully riding to work!) and share it with your team and customers.

Where do you see the company in 12 months?

Bike insurance is just the start, I trust we will have more insurance products to offer very soon. It's very important we take the time to listen and learn from our first customers of our initial product. Customer feedback is such a gift, it's key to making us successful and developing our next products.

Which book has had the most influence on your professional mindset?

I generally read fiction, but an old colleague of mine Peter Fuda, who is a very smart guy, wrote an amazing book Leadership Transformed. It's my go-to book.

The fintechFIVE is a series of five questions intended to shed light on innovative companies from Australia and around the world. Every Thursday we ask the same five questions to a representative from a different fintech company – check out the most recent fintechFIVEs here.

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