It’s a little impressive, when you think about it. Here you are, a member of an auto insurance pool of subscribers, and you’re able to get protection from this pool. The pool has a pact. It says that if ever you get into a situation (“insured event”) the pool will back you up with funds. These funds are a pool of funds that all those subscribers to the pool have been pitching into for years and years. This is an interesting way to view insurance companies and organizations, and it’s even more interesting to note that this is the way insurances have existed in the world ever since. It lends itself well to social technologies, doesn’t it. It is surprising to even thin of the possibilities ahead. We could have “peer to peer” operations that create a sort of co-op of an insurance organization of subscribers, administrators, executors, etc. This would sort of run itself.
Tags: auto insurance