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Insurance Innovation: ‘jFloat’ New UK P2P Insurance Platform Coming Soon

Insurance Innovation: ‘jFloat’ New UK P2P Insurance Platform Coming Soon

Social media insurance. After Friendsurance, ‘jFloat’ a new Peer-to-Peer insurance platform will launch soon in the UK. They aim to bring transparency and generate significant cost savings.

Insurance Innovation: ‘jFloat’ New UK P2P Insurance Platform Coming SoonThe model will have its target invite-only launch in July and will close a round of less than £1 million in a few weeks. It aims to side-step the insurance industry by allowing individuals to develop their risk pools in the absence of major insurers.

Users of jFloat unite to pay majority of their premiums into floats, a collective pool of 100 people consist of extended family members and concurring people who filled out a survey on the website of the company.

The group can approve or deny membership. When a member pays a claim below a specific amount, the money comes out of the pool. The founder, Kim Miller, did not share the specific amount regarding the claim.

To handle claims that go over the maximum, about 80% of the premium goes to the pool and 20% goes to the insurance bought by an insurance company.

If the pool runs out of money, the group can decide to continue or not. If the money dips below zero, an algorithm will decide how much money each member owes to functionally insure the group.

jFloat have a head start on traditional insurance players. It hopes to prevent fraud and misconduct, eliminate sales cost, lower administration costs, and discourage small damage claims.

Key Stats

  • With its target launch in July, jFloat will close a round of under £1 million in a few weeks
  • A float is a collective pool of 100 people comprised of extended family and like-minded people
  • About 80% if premium will go to the pool, whole the 20% will go to the reinsurer

Anthony O’Donnell, executive editor of the trade publication Insurance & Technology: “Start-ups have a cultural advantage. They don’t have a resource advantage. There’s no reason a traditional insurer can’t have an R&D department thinking this stuff up, but a lot of innovation gets quashed at middle management.”

Covered by my Visible Banking Team


In the last year or so, several new innovative types of insurance models have being launched by a number of entrepreneurs and companies, and it looks like jFloat and its P2P insurance platform has the potential to change the way people fullfil their need for insurance products. If given a chance, are you willing to give it a go and embrace the insurance innovation bandwagon as a customer?

We invite you to share your thoughts about the potential of P2P and crowdsourcing in the insurance industry, here or on twitter.


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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on are his own, not necessarily his employer's.


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  1. Interesting discussion. Perhaps this is the so-called bear the risk together to benefit and maximum security. It is very good for customers who have a low financial basis. Do you know any other insurance P2P platform besides Reviews These two (Jfloat and Friendsurance)? And whether this also applies in a particular country region or already applied by other insurance products. Very interesting. and such a system should be implemented in many places.

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