The next frontier is to tap the quiet genius that exists outside organizations to attract innovations from people who are prepared to work with a company, even if they don't work for it.
New York Times, Mar 2006
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Prosper Insurance

motiggidy
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  • Submitted by: motiggidy
  • Created: Jul 18, 2006, 5:22 pm
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The Idea

Prosper.com enables person to person money lending between strangers. People in need of a loan fill out a loan request. Other people interested in lending money with interest look for loan requests that seem to be a good bet. I would like to create a similar market for insurance policies. Anyone can fill out a request for any type of insurance. People willing to back the insurance requests bid how much they are willing to put toward the policy maximum and receive a percentage of the monthly premiums based on the percentage of the policy maximum they are backing. This way the risk analysis underwriting is provided by the large of number of potential backers doing due diligence. Risk is mitigated by backing a diverse selection of policies. Claims are handled by a selection of nearby backers.

I thought of this idea when I was...

Prosper.com. Also, I noticed a similar idea here under "people's insurance company" but I felt my idea was different enough to post separately.


Comments Posted

Deckard
Deckard Posted: July 19, 2006, 8:17 pm

Brilliant!

seedy
seedy Posted: July 30, 2006, 9:38 pm

Wow, that is a great idea

mjlambie
mjlambie Posted: August 2, 2006, 12:51 pm

love it yeah. perhaps you could have titled your post differently to draw in more crowd support. sweet idea. c'mon!

motiggidy
motiggidy Posted: August 9, 2006, 12:05 pm

Thanks Peeps! I appreciate the comments. I would also appreciate any more comments or criticism.

aglarond
aglarond Posted: August 15, 2006, 5:38 am

Way too complex to implement safely. Insurance is a deep, murky mess - I don't think CH would be able to do something like this, even with the crowd thinking of all the possible options.

 

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