Good day, sir!
I would like to argue with you on that.
1) The sharing economy is a definite trend. Many scientific researches admit that. Car sharing is having a boom currently. AirBnB grows very fast.
2) Sharing economy is a definitely applicable for insurance industry, as Vitalik Buterin mentioned "Decentralized insurance is big if it can succeed"
3) Many insurance people such as Head of the biggest Insurance company in Russia - Sberbank Insurance, Hannes Chopra, Jake Diner professional from insurtech space and Vince Chan from Creta Ventures supported the concept. Team members that doing the project are having MBA from the University of Chicago the famous business school.
4) Many people from Blockchain community are from the same country. Vitalik was born here too.
5) On REGA insured are those who need the coverage for risk, not those who buy policies just to obey the rules. It is a service not an obligation
6) The assets invested by Insurance companies are the source of profit for Insurance company, not for the insured. Those funds have to belong to the community not to corporate structures gaining profit out of those. REGA's concept is not to hold too much funds on the balance sheet to gain profit from those, but actually provide service for insured and repay risk premiums back, if nothing happened with the community members.
7) Crowdsurance platform on Blockchain is more efficient than any insurance company drawning in regulation and corruption.
Thx for your feedback anyway.
Good day, Leo Mor,
1) I never said that the sharing economy is not a trend. I said that there is no such thing as a risk sitting on a parking lot and unused 90% of the time, which is what a car is.
2) Sharing is already intrinsic in insurance. Insurance cannot exist if people do not share risk. Insurance equates to sharing risk. Insurance is one of the first industries to start sharing, starting hundreds or thousands of years ago, when villagers shared the risk by pooling their money together to pay the unfortunate. Thats why many insurance companies have names that start with Mutual. "Mutual" insurance companies evolved from people pooling money together to share risk. REGA Crowdsurance is trying to make the reader think that they came up with this idea of sharing risks, which is misleading. "Mutual insurance" companies are already doing much of what REGA wants to do.
https://en.wikipedia.org/wiki/Mutual_insurance :
A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums.
3) These people are supporting the creation of one or more entities into insurers. Theres nothing wrong with that. New insurers are created every day.
4) Vitalik moved to Canada at age 6 and grew up in Canada. Then they started Ethereum in Switzerland. The risks involved has nothing to do with where a person is born. It is related to the country's modus operandi, culture and especially the country's law enforcement. Someone born in Denmark but running an ICO in another country without extradition agreements, where he is immune to punishment from other countries (and from his new country), will much more likely exaggerate and claim anything he wants on his ICO.
5) I have never bought an insurance policy for the strict purpose of obeying rules. I bought insurance because it is a service. If youre not doing this, then you need to shop around among the thousands of insurers.
6) Yes, the returns from investing the premium pool goes to the insurance company. But if the insurance company cannot invest wisely, they can go bankrupt or fail to pay claims, which hurts the insured. Many insurance companies lose money on underwriting and make up the loss from the investments. REGA or its users will have to do something similar. Who is going to invest the premium pool? REGA or its users? For you to guarantee that you will always be profitable from underwriting is naive. Almost all insurance companies lose money from underwriting in some or many years. Rarely are any insurance companies able to repay premiums because nothing happened to the insured. REGAs business model is flawed if it is assuming that it will do this.
7) You are claiming a business problem that does not exist. What corruption? There are tens of thousands of insurance companies competing against each other vigorously. The regulations are for the protection of the insured, to ensure that the insurance company has enough capital to pay off claims, to ensure that they do not squander it and to ensure that the insurance company does not take excessive risk by putting the premium pool into derivatives or leveraged bets.