Wow or Whoa? What would you think of insurance through a social network?
So I’ve been reading the book “What would Google Do?” by Jeff Jarvis, and in it he suggests that the insurance industry could in fact be remade in Google’s image … or better put it could follow Google’s (an social networks) example. Could the insurance industry be turned on its head? Could the control be put back in the hands of the insured public rather than the industry being based on “mutual disturst” as Jeff Jarvis states?
I thought about this for a moment and wondered what it would look like if the Interior Technology Association offered some sort of cooperative insurance service between its members… much like the IOF (Internation Order of Foresters) had done a century ago. The IOF still survives today – although they have become more like the insurance industry itself but I digress. The conclusion I came to was, an organization like our fledgling ITIA would be too small but a larger business organization could probably do the job.
A Chamber of Commerce could be a perfect platform for this idea. Our local Chamber of Commerce acts as a referral/partnering agency right now with Underwriters Insurance. But, what if it started a cooperative insurance offering of its own and the coverage of claims were voted on by the board based on a collective set of rules. We live in a social community and fraud would be less likely if those of us who were insured through this cooperative program were held accountable by our own business colleagues and friends.
I think it could work. What do you think? Wow or Whoa?
Entry filed under: Entrepreneur / Business Ideas.