Bitcoin powered insurance!

This is cool as fuck
https://teambrella.com/

Teambrella is the first peer-to-peer insurance service powered by Bitcoin.

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I’m looking forward to “insurance” firms that keep you and your property physically safe, by some neighborhood watch and webcam arrangement.

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Yeah I was thinking if even like 10% of people in a community agreed to a neighborhood watch program the streets would be much safer having a few webcams, instant messaging, a board maybe ever a social network of sorts and a couple drones you could really do something with it. Cops for the most part are far too slow to respond IMHO and mostly they are under resourced and even at the best of times they dont give a shit unless they are giving you a ticket and then they are motivated as a ma-fugga.

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Well, I’d be in the remaining 90% that preferred not to be surveilled by web cams and drones, operated by the 10%. Perfect argument for State surveillance. :smile:

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Sounds like a recipe for disaster.

I hate to do business with friends, and insurance is probably the worst kind of business one would want to do with a friend. Let’s see how many people will dare to properly price risks for their friends.

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The insurance firm provides the service and they segment it according to location. Your friends or neighbors are not organizing it, they just sign up, or not. It doesn’t require most people to sign up in an area and most might be free riders but those who sign up (especially wealthier people) are receiving a premium service.

Unlike in regular business (when you invest in something with your friends, or even sell products or services to your friends) in this business your success is the other party’s failure, and the other way around. And fraud will be enormous.
I wish them well.

No, because it’s in the interest of the insurance firm to prevent crime, like the Chinese doctor who is only paid when his patient is well.

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Yeah when your insured buddy comes to your “insurer collective” to collect 100 BTC and you think the damage on his car is only 59 BTC, it’s going to be fun. Maybe two weeks later your car could end up with damage to its tires…
And having your friends to tell you should order the salad instead of the burger and such. Thanks but no thanks.

It’s not a collective, but a firm somewhere else, covering all-comers, with the usual actuaries plus some add-on departments that pay locals to monitor the cameras, and security staff to patrol, gently talk people down if they’re doing something dodgy, all the way up to (for some of the more out there types of firms) mercenaries and thugs.

It appears to be an absolute non-starter…maybe ponder why current insurance companies don’t just spy on everyone and fly drones around neighbourhoods? And… since when do they act as security firms too? - that combination constitutes a protection racket to my mind.
Anyway…[quote=“bluebird, post:8, topic:8026, full:true”]
No, because it’s in the interest of the insurance firm to prevent crime, like the Chinese doctor who is only paid when his patient is well.
[/quote]

Lol…what Chinese doctor and why only Chinese? Hang on do you mean that is the case in China or something…nah…surely not, doesn’t make any sense.
If you mean things like acupuncture, homeopathy or something, then the Chinese doctor shouldn’t be paid anything however well the patient was - coz it certainly had nothing to do with the “treatment”. :smile:

The point is that if a doctor is paid when you are sick he’s motivated to keep you sick. Conversely if a doctor is paid only when you are well he’s motivated to keep you well. Same with security or insurance. If your insurance/security gets paid only when you get hurt or are in danger then it’s in their best interests not to keep you safe.

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^^^^^^ (nods vigorously) What @Blindsite2k said. :slight_smile:

I like the creativity, but the bitcoin blockchain is a total liability at best and like others said, fraud prevention is going to be a bitch unless they can get businesses or board or something.

What I’m wondering is could this thing be ported to SAFE? I’m finding a lot of interesting innovations are being made for bitcoin but bitcoin itself isn’t really that reliable comparitively speaking so getting said projects forked to SAFE would be good.

We’re planning to support other coins, especially if Bitcoin fees continue to rise.

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Lol…sorry to not let this go…but I’m not grasping what you’re on about or the logic of it…is it just me?.. :smile:
Maybe if I take it one line at a time…[quote=“Blindsite2k, post:12, topic:8026”]
The point is that if a doctor is paid when you are sick he’s motivated to keep you sick.
[/quote]

OK, I’d say a doctor is paid to treat patients, if he is paid per registered patient, then it is in his interest to have more registered patients…not have more sick people. So, a GP is paid whether an individual is sick or not - it would most definitely not be in the GP’s interest to not treat his patients to the best of his ability - otherwise he wouldn’t be doing his job and would likely lose it for incompetence.
This "point " appears to fail because of the above.

Same flawed reasoning then…[quote=“Blindsite2k, post:12, topic:8026”]
If your insurance/security gets paid only when you get hurt or are in danger then it’s in their best interests not to keep you safe.
[/quote]
OK, I just don’t get this whatsoever…
What I would say is that insurance doesn’t work like that as risk is spread by large numbers and playing the percentages. It is not particularly in the insurer’s interest to keep a person safe, it is rather in the person’s interest to keep themselves safe, so their premiums don’t go up for one thing. This is how insurance works, you make a claim, it gets dearer…the insurer wouldn’t be particularly arsed.

Shakes head slowly… :smile:

Ever wonder why they are always seeking donations for anti-cancer research, for decades now, and cancer seems to be getting more prevalent? Even though there are effective alternative therapies? Could it be because the incentives are that all the kick-back on the incredibly expensive and inefficient chemotherapy pays for their Porsches?

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Not sure who “they” are, but No, there doesn’t appear to be anything to “wonder” about. I would hazard a guess that it’s because ongoing funding is required to further research and develop potential treatments for various Cancers.[quote=“bluebird, post:18, topic:8026”]
for decades now, and cancer seems to be getting more prevalent?
[/quote]

Be wary of the Correlation = Causation fallacy…

Ah…here it comes…the “alternative medicine” snake oil sales pitch…OK, before you go on, please substantiate this claim with some evidence (not a link to the latest quack video etc).[quote=“bluebird, post:18, topic:8026”]
Could it be because the incentives are that all the kick-back on the incredibly expensive and inefficient chemotherapy pays for their Porsches?
[/quote]

yup…there it is…the unsubtantiated claim, the lack of any supporting evidence and now the Conspiracy theory cherry on top…ho hum… :slight_smile:

And having your friends to tell you should order the salad instead of the burger and such. Thanks but no thanks.

That’s why we work with “teams” and not “friends”. A team can easily have 1000 or more members, they don’t all have to be your friends. And even if you have a couple of friends within a team, overall it’s not the friends who would tell you to order the salad instead of the burger.

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