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  • Recent Comments:

    • Michel Bauwens: do you have any data or sources to underpin such serious accusations ?

    • Joe L. Jordan: UBER is a bunch of crooks running a racket. Their insurance is bogus and has never paid off on a single claim. Drivers are canned...

    • @mikeriddell62: A universally accepted IOU that is earned into existence for protecting the common good, would counter-balance the wasteful...

    • Patrick Anderson: How important is the price of using these shared vehicles? If price is not important, then why not just use regular rental...

    • Apostolis Xekoukoulotakis: I am quite disappointed by the intellectual integrity of both reviewers ,Marvin Brown and Charles Andrews and this is...

Project of the Day: the JFloat collaborative consumption self-insurance platform

photo of Michel Bauwens

Michel Bauwens
27th September 2013


Some time ago, the UK-based auto insurance company, jFloat launched a “collaborative consumption self-insurance platform“:

“jFloat users come together and pay the majority of their premiums into collective pools of 100 people called “floats,” which consist of extended family members and like-minded people who fill out a survey on the company’s website. The cohort can approve or deny people membership. When a member needs to pay a claim that’s below a certain amount (which founder Kim Miller would not share), the money comes out of that pool. About 80 percent of a member’s premium goes to the pool, and 20 percent goes to a reinsurer – insurance purchased by an insurance company – to handle claims that go over the maximum amount. Miller would not share reinsurance partners.

If a pool runs out of money, the cohort can decide whether it wants to continue on, or shut down the pool. If the amount of money in the pool dips below zero, an algorithm decides how much each member owes to get the pool back up to an amount where it can functionally insure the group. The hope is that it the cohort model will bring transparency to insurance matters, and that responsibility to the group encourages people to only make reasonable claims.”

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