So, would we have a list of household items on your platform where we say āI have one of these and it costs this much,ā or āI donāt have one of these,ā or āI have one of these but it was given to me for free/bought from a friend/from a second-hand shopā? A lot of the insurance Iāve looked at just seems to give a generic āWeāll cover you up to this much,ā when I really would like to have it tailored to what I actually have in my home. Whatās the point in paying for cover up to 10K if you know the stuff in your house doesnāt total to that much? I think it would be better to add all items you care about to the cover and for the price of the cover to be worked out based on that - if itās not on the cover, you canāt claim for it, but that shouldnāt be a problem if you keep everything up-to-date.
How are items valuated for insurance purposes? Does offering proof of purchase help in doing this? Importantly for me, how are second-hand furniture items treated for insurance purposes? That last oneās more of a general insurance question but Iām interested to know.
On your platform (are you planning on a website only or will there be app support?), would there be a simple interface where we can add/remove covered items? E.g., I buy a new sofa, replacing my current second-hand one. I remove the old sofa and add the new one with a copy of the receipt. Would it work like this? When I was still at home with my mum, whenever she wanted to update her contents policy, she had to call them and fill out forms and it was a bit of a nightmare. She cancelled it in the end because it was such a hassle for her.
Would the cashback alternative payment mentioned above be similar to Airtime Rewards, where the cashback is deducted from your bill?
Hopefully this all goes well and Iāll be taking a look at your product soon
I am still struggling to understand what the gap in the market it you are trying to solve. The 60% that are uninsured, why are they uninsured and how does the early thoughts on your proposition solve that.
I look forward to reading an actual business proposition once you are in a position to write one. This is a good place to research but as your key statement is ālooking to disrupt how you pay for insuranceā I, for one, will wait until you suggest what your ideas are in a cohesive and considered manner. Right now this feels akin to a pub conversation with my mates, always fun but rarely is the outcome anything any of us will follow through with.
@rhebden brilliant reply going to keep this pretty vague so apologies. Agree with most of the points and challenges raised. In terms of how our insurance proposition will work will come later although many of your points have been discussed and hopefully what we offer will be of interest to some.
In terms of app or website, ideally we would love to be app based but will have a website too.
Yes cashback could be card linked so deducted from your bill you will have clear transparency to how much cash back youāve built up over the month if we were to chose this option.
@gmclean totally agree with you We initially asked if anyone would be interested in helping us with their views via a survey. But conversation and debate is good.
I get that you were just asking for a survey, but this is a discussion forum around fintech, so I was looking to discuss further your idea. Donāt take it as a negative, just looking to understand more that is all.
I have no problems with how i pay for insurance. Now if you want to talk about how renewals work, the rip off costs of changing certain things, the loopholes to get out of paying, the crap claims processes etc then thats where disruption can happen
@cs86 nothing is taken as a negative. But your on the same page to us regarding all the negatives around insurance. Weāre going to keep our cards close to our chest regarding our product offering however I would be super keen to pick up with you once weāve announced what we are doing
Iām trying to respond without committing myself to give some answers weāre keen to keep hold off for a little longer and itās hard
The main objective is to seek alternative payment option maybe this will be optional to those who find the cost a barrier or those that are keen to offset the premium and save a few quid for a couple of pints or whatever, and tie that with product that those who think insurance policies currently suck may sit up and go hey this is pretty neat.
@cs86 Because we are interested initially on why such a vast majority of renters donāt have any insurance. Itās interesting to look into and itās not just about payments or product but about the education piece too which excites us.
Hello Kevin, looking forward to seeing what you come up with! Iām part of the ethical insurance startup Emerald Life (https://www.emeraldlife.co.uk/) and also trying to bring change to this industry thatās way behind the times! Iām sure we could arrange a call or meeting at some point to help each other out.
Thank you to anyone has already completed our survey Itās much appreciated.
For anyone who would like to please feel free to voice your opinions, we are nearing 100 completions which may not be a lot to some but would be great for us
What makes you feel that the remaining uninsured market wants to be insured instead of being āself insuredā. Perhaps is that people are not aware of insurance at all so you would have to sell the need for it first.
@MBA1413 great questions, however as Iāve mentioned before in terms of the insurance proposition we are keeping our cards close to our chest for the time being.
Our focus in reaching out remains to understand individuals views around alternative payments we will reveal more in due time which will hopefully answer your questions
Wrisk are awesome and offer a great proposition but thereās so much more that can be done within the space. I also believe thereās room for others to enter the market, insurance isnāt going to be a winner takes all scenario as those entering this space all have unique propositions its about giving the consumer additional choice and more appropriate products and just as important focusing on educating and changing perception to an extent.
In terms of Jellybean our roadmap is contents first then we will take it from there. Iām super interested to what could be done in the life insurance space but this is a much bigger piece and we need to ensure our model will work across a variety of insurance products. So thatās why we are starting with contents, youāve mentioned the uninsured and Iāve previously mentioned that what also excites us about this space is the educational focus that is needed. Yes some are happy to self insure and thatās great if you can financial afford to cover loss that you may incur but many canāt.
Super happy to talk in more depth once weāve revealed our proposition
Hi @gmclean no not at all itās really just my opinion in relation to the market around contents insurance. I believe thereās space for other propositions and education but these could come in many forms.
Thereās some great companies already trying to make waves in this space Wrisk, Trov, Urban Jungle but we still see avenues that havenāt been explored or focused on.
At this stage Iām not asking anyone to buy into/sign up too what weāve got planned in terms of our proposition. Iām just asking for views around how you could pay for a policy.
Absolutely once weāve put our cards on the table to say āhey we are Jellybean and this is our propositionā¦ā then I would love you opinion.
Iām just trying to focus on our current ask, that being said this community is amazing and every challenge, question is worth its weight in gold to us Iām trying to positively respond to every post.
going to keep this pretty vague so apologies. Agree with most of the points and challenges raised. In terms of how our insurance proposition will work will come later although many of your points have been discussed and hopefully what we offer will be of interest to some.
We initially asked if anyone would be interested in helping us with their views via a survey. But conversation and debate is good.
and itās hard 
