Picnic's Platform-as-a-Service, enables the creation & support of digital self-insurance pools. Customers (as Members) own the Pool & all profits are reinvested back in the Pool to build strength & reduce future premiums.
We’re returning the right business model to insurance and risk protection – one where members are always at the heart. A Picnic Self-Insurance Pool allows Members to benefit from keeping all the profit from self-insuring & the power of reinsurance group buying combined with aggregated risk diversification. The pool pays for smaller losses and reinsurance is in place to cover large losses.
We enable customers to come together in a Pool with other similar organisations to 'self-insure' together. Your risk is diversified in the pool & you benefit from group buying power for reinsurance to protect the Pool.
We tailor cover specifically for your community. The Picnic philosophy is simple, broad cover with very few exclusions. The simplicity of cover combined with underlying technology and business efficiencies enable lower up-front prices.
We put in place backup protection for each Pool. This Pool protection can be called reinsurance. It means the Pool has it's own insurance to cover for larger losses if they occur. This can be provided by the Picnic Lloyd's Syndicate or other Global Reinsurers.
Profit occurs when claims and costs are less than the pooled contributions. 100% of the profit in a self-insurance pool is retained in the pool for its members. It can be used to enhance product benefits and reduce future contributions.