I wanted to share with you a new web app that I’ve been working on. It’s called “Open Insure” and it’s a platform that allows individuals to pool their resources together and create a self-insurance policy for their cell phones.
So how does it work? Essentially, users create a group of family/friends and pool their money together to insure their cell phones. Cell phone insurance has notoriously high gross margins, Verizon/Asurion are taking you to the cleaners with each monthly payment. If you self-insure, you sidestep their margins and the savings get passed to you in the form of lower premiums.
I added a bitcoin escrow because btc wallets have a couple key characteristics. They have instant balance read, verifiable inflow/outflows, and are accessible to anyone. The current implementation is pretty surface level though, would love to hear the community’s thoughts on how to improve it.
Feel free to check out the app and let me know what you think.
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This is a fantastic idea and I support it entirely. This has many uses and applications. The insurance companies have stolen from the common man long enough!
What happens if the value of the Claims are bigger than the money in the pool?
This is a terrible idea and probably a scam.