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Insurance Business: Rough idea - any interest for this?
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Luthor Ikkala
Snow Moon City
Fraternity.
#21 - 2017-02-18 08:40:02 UTC
Fannie Anathema wrote:
I don't know how exactly you would get this working - and considering it takes a while to get a full payout, I wouldn't be sure about actually purchasing such a service.

However, one thing I would be interested in is a rent-a-citadel program, where I can pay a monthly fee to have a citadel or EC (possibly shared) with whatever I want in it.


As we dont know how this will work. we only have our guesses. but they way im thinking of this. If you make a insurance contract for 10 months and you will pay lets say 10% of the contract value each month, ofc it will take some time until you will get full payout otherwise the corp would definitely lose isk doing this! But if we have a option to pay lets say 50% contract value upfront and after that smaller values each month we could reach the higher payout faster. these kinds of contracts would let the holding corp to make a fair amount of profit by trading or other means right after they get the payment. imagine 10bn upfront payment, with dedicated traders how much can you make profit in a month? i can say its not less than 1bn. i see this kind of contracts to be worth it for the company and this whole business. more isk they get the more isk they can use to trade or what ever projects they have going. I think at the end of the first insurance contract i would like to be offered to continue my insurance for some fixed amount a month. with the payout at the end of that 2nd contract being 15bn for the first + 5bn for the 2nd contract and lets say a small 1-2% intrest when the second contract is fulfilled. Ofc there is no limit imo how long you can run these contracts. after the first initial big contract you only need to run smaller contracts to get monthly revenues for the corporation. hopefully this will go live!
Toobo
Project Fruit House
#22 - 2017-02-20 23:08:57 UTC
Interesting points being discussed here. Yeah like the Rorqual example Luthor gave is kind of hing such player driven insurance would be ideal to cover, because NPC insurance simply cannot cover what is actually the majority of the cost (rigs, mods, drones, etc). That's why we originally thought of freighters (with cargo), capitals and structrures, etc, where all of them have things like rigs or cargo that are not insured by NPC insurance.

While I would like to proceed with this idea further for now I'm putting it on 'hold', because I think perhaps it is better for us to do a non-generic/special few cases first before moving on to do generic insurance policies en mass. The latter would require more complex means to track the insurance payments and such across many different customers, which would require at least basic development of a web page that tracks & shows.

Regarding EC rental, I have personally seen many ECs emerge in highsec (mostly raritaru) just as astrahuses did when citadels came out. From what I see most of them are open to public. Are there any problems with current ECs that make you want to rather pay and get better service?

Cheers Love! The cavalry's here!
Royce Catton
Doomheim
#23 - 2017-02-21 09:28:55 UTC
I think that the payee shouldn't make a return on his insurance payments at the end of the period. But maybe offered pro-rated insurance in any following coverage.

And also I think it would be good to have a risk assessment portion to the coverage that effects for example new/young characters and people with large amounts of ship losses so they pay larger premiums. If they live in low sec higher rates etc. As more ships are lost on contract, rates climb etc.

With these two methods in place you can maybe offer 100% contract coverage at any point in the contract rather than scaling throughout the period.

Possibly offer some return to repeat clients or incident free contract terms but not a full return of the sum of all payments, say maybe a percentage of remaining surplus from all contracts and divided among incident free clients.

I would be interested in doing this but the amount of record keeping to do this on a large scale would be massive. Hell maybe I'll start something like this of my own, seems like a decent business venture.
Toobo
Project Fruit House
#24 - 2017-03-02 04:55:58 UTC
Royce Catton wrote:
I think that the payee shouldn't make a return on his insurance payments at the end of the period. But maybe offered pro-rated insurance in any following coverage.

And also I think it would be good to have a risk assessment portion to the coverage that effects for example new/young characters and people with large amounts of ship losses so they pay larger premiums. If they live in low sec higher rates etc. As more ships are lost on contract, rates climb etc.

With these two methods in place you can maybe offer 100% contract coverage at any point in the contract rather than scaling throughout the period.

Possibly offer some return to repeat clients or incident free contract terms but not a full return of the sum of all payments, say maybe a percentage of remaining surplus from all contracts and divided among incident free clients.

I would be interested in doing this but the amount of record keeping to do this on a large scale would be massive. Hell maybe I'll start something like this of my own, seems like a decent business venture.


I have been holding this insurance idea on pause for now but thanks for the input. Yes I too feel that although there will always be 'what if someone does this' kinda scenarios, there are also calculated risks and precautions to make things workable.

The insurance idea is one of a few 'projects' I am trying to get going, so let's see how everything pans out in bigger picture, but I'm happy that there would be people who would invest in it, or even think about doing such business themselves. If I can do it and make ISK for myself that's cool, but even if I don't end up doing it myself I would be happy to see more diverse financial projects in EVE, even if it's done by someone else and I don't make a single penny from it, as I think this kind of diversification just makes the game that much more interesting, so it's all good. :D

Cheers Love! The cavalry's here!
Syds Sinclair
University of Caille
Gallente Federation
#25 - 2017-03-02 06:33:59 UTC
Toobo wrote:
Player Driven Content!



..Even though you have put this insurance business on hold, I hope that you decide to go public with some kind of venture. Your rough proposal was very well thought out, and I'd love to hear what else you have in mind.

♠ Sinclair Consulting ♠
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