Techies with an affinity for creating Web-based networking communities could soon replace insurance companies, especially those that are secretive about their pricing models for hard-to-place specialty risks, two tech experts suggest.
Drawing a parallel to a Web-based lending model–an example of a user-powered community now part of an expanding Internet environment known as Web 2.0–the technology experts extemporaneously brainstormed the creation of "Lloyd's 2.0."
The on-the-spot conceptualization took place at a session of the Professional Liability Underwriting Society's recent International Conference, titled "Web 2.0: Is The Future Of The Internet Insurable?"
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