Bought By Many is a community hub, bringing groups of people with common needs together online before negotiating improved terms with insurers on their behalf. It follows a new approach that insurers can expect to need to adapt to, work with, and learn from in the future.
A guide to how Bought By Many operates and the gaps in the insurance distribution model it has found.
Scenarios investigating the potential future influence of the crowd purchasing model on both personal and commercial lines distribution.
What is Bought By Many and what can you learn from its approach?
Where do the key opportunities currently lie in the crowd purchasing channel?
How can you expect Bought By Manys model to develop and influence the insurance market?
Traditional product-centric approaches are outdated, being replaced by those placing emphasis on identifying consumer needs. Insurers have been slow to utilize social media and build relationships for crowdsourcing.
The crowd purchasing model of insurance distribution could easily become the dominant approach of choice for UK sports clubs and national and regional activity associations.