Systems and methods for generating usage-based insurance contracts for peer-to-peer transactions

A computer-based method for generating usage-based insurance contracts between an offerer and a buyer participating in an online sharing economy, the method is implemented on an usage-based insurance management (“UBIM”) computing device of an insurance provider, the UBIM computing device including at least one processor in communication with at least one memory device, the method comprising:

• hosting, by the at least one processor, an online application for sharing transactions, wherein the online application is hosted on a server of the computer system;
• receiving by the at least one processor an election from the offerer and the buyer to participate in the online application;
• validating by the at least one processor the offerer and the buyer;
• receiving by the at least one processor at least one offer from the offerer for sharing an item of the offerer, wherein the item comprises one of a residence or a vehicle, and wherein the offer includes a price at which the buyer can rent the item from the offerer;
• receiving, by the at least one processor, a selection from the buyer of the at least one offer of the offeror that is accepted by the buyer to establish a sharing transaction;
• automatically generating, by the at least one processor upon acceptance of the offer by the buyer, a usage-based insurance contract for the sharing transaction based on the accepted offer, wherein the usage-based insurance contract is based on the amount of rental usage by the buyer, wherein at least one of the sharing transaction and the usage-based insurance contract comprises private information of the offerer and the buyer;
• storing, by the at least one processor, the private information within the at least one memory device;
• generating a smart contract used to record the usage-based insurance contract, wherein the smart contract comprises smart contract information including details of the sharing transaction, details of the usage-based insurance contract and the coverage provided, and details of the payment for the usage-based insurance contract, wherein the smart contract information excludes the private information, and wherein generating the smart contract includes:
• generating a first block for a blockchain ledger, the first block including a first portion of the smart contract information;
• generating a second block for the blockchain ledger, the second block including a second portion of the smart contract information and a hash of the first block;
• and
• distributing copies of the blockchain ledger across a plurality of node computing devices, wherein each of the node computing devices are capable of communicating with the server though an application programming interface;
• and
• transmitting, by the at least one processor, the insurance contract to at least one of the buyer and the associated offerer.

At least one non-transitory computer-readable storage media having computer-executable instructions embodied thereon for generating usage-based insurance contracts between an offerer and a buyer participating in an online sharing economy, wherein when executed by at least one processor of a computer system of an insurance provider, the computer-executable instructions cause the processor to:

• store a plurality of offers host an online application for sharing transactions, wherein the online application is hosted on a server of the computer system;
• receive by the server an election from the offerer and the buyer to participate in the online application;
• validate by the server the offerer and the buyer;
• receive by the server at least one offer from the offerer for sharing an item of the offerer, wherein the item comprises one of a residence or a vehicle, and wherein the offer includes a price at which the buyer can rent the item from the offerer;
• receive a selection from the buyer of the at least one offer of the offeror that is accepted by the buyer to establish a sharing transaction;
• automatically, upon acceptance of the offer by the buyer, generate a usage-based insurance contract for the sharing transaction based on the offer, wherein the usage-based insurance contract is based on the amount of rental usage by the buyer, wherein at least one of the sharing transaction and the usage-based insurance contract comprises private information of the offerer and the buyer;
• store the private information on the server;
• generate a smart contract used to record the usage-based insurance contract, wherein the smart contract comprises smart contract information including details of the sharing transaction, details of the usage-based insurance contract and the coverage provided, and details of the payment for the usage-based insurance contract, wherein the smart contract information excludes the private information, and wherein generating the smart contract includes:
• generating a first block for a blockchain ledger, the first block including a first portion of the smart contract information;
• generating a second block for the blockchain ledger, the second block including a second portion of the smart contract information and a hash of the first block;
• and
• distributing copies of the blockchain ledger across a plurality of node computing devices, wherein each of the node computing devices are capable of communicating with the server though an application programming interface;
• and
• transmit the insurance contract to at least one of the buyer and the associated offerer.