How much can you take, Insurance Inc.

Insurance for everything is the motto of today!

What happens if you lose your mobile phone, your bike gets stolen, your playstation fails… its a disaster! And of course you need an insurance to protect you from that. Or, wait a minute! If you are at average risk, get the average share of bad things, then you are better of if you invest the money in a buffer for all those smaller nuisances. The reason is very simple, since, insurance companies have administration, profit margins, customers who cheat (yeah I really had 19inch titanium wheels), and bonuses, you should be a very lucky (or rather unlucky) getting back more than you pay….

The idea is to start an insurance company that clearly states that its existence is for those critical hits you cannot take. Like your car is totally demolished, your house burns down, etc…

So the insurance is based on the two questions
A: How much can you take?
B: How often?

Then you get a terrible excess in case of damage but a very nice insurance cost.

Furthermore, the insurance company, “How much can you take, Inc” offers you to take care of the money that you save, at a good interest rate, helping you building a bigger buffer, which will help you lower your cost of insurances even more in the future. Of course this will leave you with a bit of an uncomfortable feeling. But if your bike is stolen you will get a candy bar from the insurance company… as a demonstration of goodwill. Anyway, if you think that you are as careful as the average person, there is lots of money to be saved…

Comments:
The idea is very good, but I see a number of problems:
1 It is all to popular to sign up for an insurance.
2 You must get a buffer…
3 To start an insurance company you need something like 10 000 000 EUR in buffer.

Customer base: 4
Implementation: 2 (higher if you got 10 million EUR, duhh)
Potential: 8