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Insure My A5S

Submitted by: _Matt_
Created: Jan 8, 2007, 1:18 pm

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Not freeish. Not freesque. It's free!

The Elevator Pitch

For insurance by the masses who care about the little guys the InsureMyAss team is a Godsend that will change the way we look at insurance forever.... Unlike other insurance companies our product gives the best value insurance and guarentees a good deal for both sides.

The Idea

Crowd Insurance online: a cross between an insurance companies products and "Prosper".

Average Joe request insurance for his car/leg/monkey and specifies an amount they can afford to pay for that insurance product (with a template for that type of insurance perhaps, a guideline maybe).

Users A, B and C have some spare cash and donates this into a “fund” which covers him. Joe then pays a premium (a percentage of the total fund, plus interest) back directly to these people every month.

If the insurance period of time expires, the policy expires and can either be renewed by Joe or is refunded to the insurers.

IF average Joe needs to collect on the insurance, then the user receives an amount from the fund to cover the cost.

NOTE: that this is funded by people like YOU and ME who back it like a long term "bet" on Joes past experiences with insurance.

It works for loans, why not insurance?

I thought of this idea when I was...

For a detailed example please see:

http://oomattoo.word...01/09/insure-my-ass/

NB: This idea is not about insuring donkeys or other equine mammals.

Comments Posted

fossiloflife Posted: June 13, 2007, 6:50 am

????

McRockey Posted: June 13, 2007, 12:34 pm

This ideas sucks A5S.

TheGuru Posted: June 13, 2007, 11:06 pm

Mennonites wouldn't go for this - they don't believe in insurance ;)

vanhees Posted: June 14, 2007, 7:28 am

I'm getting a headache

JelmerBV Posted: June 14, 2007, 7:58 am

micco Posted: June 14, 2007, 10:26 am

For insurance to work, you have to carefully set premiums according to risk and balance risk across the entire pool. It would be very hard for a crowd to handle this properly without a lot of actuarials calling the shots.

eZeitgeist Posted: June 15, 2007, 9:23 pm

am having some dandruff on my bald head! =)

SolarRental Posted: June 17, 2007, 11:01 am

Clarify please.

GordonMcDowell Posted: June 18, 2007, 12:47 pm

_Matt_ you want to submit an example in the comments of 2 scenarios, one where the insured object is destroyed, and one where it is not?

jill Posted: June 19, 2007, 9:10 pm

I sympathize with the need behind the idea, but I fear the world of regulation would make this quite difficult to operate.

In theory you might be able to set up some kind of mutual benevolent fund, but as micco said, for insurance to work, you need expertise.

I hate to shoot this down completely. It might work if it were very strictly limited to a certain kind of risk and wasn't too fancy. I'm thinking of how some organizations like the Oddfellows (I think) help out with funeral expenses if the family can't handle it. However, those are clubs with long-term commitments from members, they don't exist solely for the purpose of running a funeral fund.

If you pursue this idea, _Matt_, you'll need to do some research first to find out if there is a niche you can fit into without a lot of regulatory barriers.

Hello!

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