Bought by Many signs deal with L&G to for peer-to-peer insurance

The collaboration will first see residents of Yeovil receive an additional discount off Legal & General’s Extra or Essentials home insurance policies, with the view to extend this model to other communities over the coming months.

Bought By Many uses social media to level the insurance playing field for consumers by connecting people with similar insurance needs into social buying groups. These groups can consist of people who share a postcode, a profession, a passion – or anything else. It then creates the opportunity to buy insurance on more favourable terms than would be available to them as individuals. And for insurers, it creates the opportunity to reach the risk segments they most value, profitably, and at meaningful scale.

John King, Head of Direct Customer Proposition at Legal & General:

“Legal & General is proud to be the first household insurer to work with Bought By Many to support communities in buying their home insurance in a collaborative way."

Steven Mendel, CEO and co-founder of Bought By Many:

“It’s fantastic to have a company like Legal & General on board with us to support the idea of harnessing buying power to get a better deal. Using people power and social networking, we’ll be able to connect consumers and insurers, delivering better policies and lower prices.”

Other buying groups which people can register for at the Bought By Many website include: Pug insurance, French Bulldog insurance, Cat insurance for pure breed cat breeds, insurance for rugby clubs, horse riding insurance for children, and travel insurance for people with diabetes.