Gambling + Insurance = Gamified Insurance

The idea here is to connect those seeking insurance with those seeking a high risk investment opportunity. Here’s how it works. Those who want insurance sign up to the site and they put up their profile. Age, number of accidents, car etc. Then a bunch of punters come along and they stake $100k of their money, and the browse the profiles and bid to insure that person. If they look like they’re a great driver, competing bidders will drive the price low. The insured person pays their (now lowered) premium, which gets distributed to those that have taken on the risk of insuring them (after we’ve taken a cut). In this system you essentially have rich people wanting to make lots of money “gambling” on whether people are good drivers based on their profile. Perhaps we can make it more open to the people by creating syndicates. So you and a bunch of mates can get together, chuck in 10k, and insure some people. It would make roughly 12% per year, but of course you risk losing it all if the driver makes a big claim.