“An online insurance firm called Peercover lets groups of people insure each other on their own terms and at a fraction of the cost.  Insurance is the latest financial service to get a shake-up from peer-to-peer (P2P) dynamics. Already, individuals can lend money for a return with interest. Similarly, people wanting to exchange currency can avoid banks and instead use P2P services to find other people looking to make the opposite trade. ‘The changes in financial services that are happening now are happening more quickly and dramatically than anything we’ve seen over the last 100 years,’ says Ron Suber of peer-to-peer loan company Prosper. ‘Peercover is a great example.'”

http://www.newscientist.com/article/mg21929354.300-forget-premiums-a-peertopeer-network-will-cover-you.html

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