Better and up to 80% cheaper.

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Martin Zlocha@martin_zlocha · Computing Student@ ICL
Comparing yourself to other services is very misleading because you don't provide damage insurance. Even when a customer has 2 people in their connection they will be paying more using your service because you charge £50 on top in case someone looses their phone. This is a pyramid scheme but with a different principle.
Sam Spurrell@samspurrell · Doing cool things @VouchedFor
@martin_zlocha I agree this is probably not the cheapest possible insurance, but it's not a pyramid scheme?? If I get 9 friends to sign up, and they don't make a claim, then I get a partial refund on what I've paid. Isn't that just a clever marketing hook? They aren't promising me money, and they aren't claiming that you can make more than you put in. A £50 excess when someone claims is very standard and not at all sketchy.
Martin Zlocha@martin_zlocha · Computing Student@ ICL
@samspurrell pyramid scheme: A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. Yes the person who gets people to sign up gets a partial refund but the 9 friends only have 1 connection and get much less. Lets assume there are 10 people, 1 main person which has 9 connections. Now lets assume everyone has a phone for which you have to pay £7.99 per month (Most prices range from £6-£10 so lets use this as an average). The main person pays only £19.18 because he gets 80% back, the 9 others pay £85.88 (each get 10.5% back from the original £95.88) which makes a total of £772.92. This means that for 10 people it costs almost £800 (£792.1). Which means you are paying on average £80, you can get the same insurance for almost the same price with other services. So to sum it up: - Pyramid like business structure - Sub-par service (price wise, cannot comment on quality) - Exaggerated benefits Sounds scammy.
Sam Spurrell@samspurrell · Doing cool things @VouchedFor
@martin_zlocha What's missing from your definition is that in a genuine pyramid scheme, the primary way you make money is by signing up other people to the pyramid, rather than selling a product. That's why it's a scam, because you're not actually selling a product or service, you're selling the idea of making money by joining a club. This is not a pyramid scheme because you pay your money and you get phone insurance for it. Even if you never sign anyone else up, you'll still have phone insurance which is valuable and worth paying for. This is no more scammy than a standard referral scheme. Every time Uber says "sign up a friend and we will give you both £10" - they are basically doing the same thing. You are right that this might be more expensive than other insurance services - but I guess you have to guess whether the trade off is worth it - pay more for insurance in the hope that no one makes a claim so you get some of the money back.
Martin Zlocha@martin_zlocha · Computing Student@ ICL
@samspurrell I mean that depends on how strict you are with your definition of a pyramid scheme and we could keep discussing it in the next 100 comments. You can't compare this to Uber. With Uber you get the £10 credit without having to pay and then you can decide if you want to pay for the service. Here its the other way round, you have to pay first and then you might get your £10 back. I just don't like the way the whole thing is advertised because they are comparing themselves to products which offer different services, make exaggerated claims and unlike most other services you have an extra charge if you loose the phone.
Noah Kim@wuss · in progress ▓▓▓▓▓▓▓░ 95%
@martin_zlocha My problem with the model is entirely different. The cashback only works if none of my dumbass dick friends never crack their screen or drop their phones? F that. Sounds like the beginning of a modern day Seinfeld episode.
Dylan BourguignonMakerHiring@db_entrepreneur · CEO, So-Sure
We believe insurance should be reliable (ie designed to payout when you have a genuine claim) and pay money back when there are no claims. So we created so-sure. We have started with mobile phone insurance in the UK. so-sure takes insurance back to how it all started: people who know and trust each other, who have each others' backs. We have also taken out the "fat" from the value chain to give it back to consumers through our Reward Pot mechanism. This allows customers to get up to 80% money back, every year, when you and your friends don't claim. It is a bit like a "mutual no claims bonus". If you don't want to connect to other people, then you are still insured but you don't get money back. We also believe that the insurance should be reliable, so: - One price, complete cover for theft, loss, accidental damage and out of manufacturer warranty breakdown. Note that other players often don't have 'loss' as standard. We do. - We don't hide behind small print or painful process: terms and conditions are written in plain English. - Once your claim is approved (~1hr), we aim to have a phone in your hands the next working day. This compares to 4-18 days on average by the competition (FCA Dec 2015 report). - We cover second hand phones. Most insurers will require that you either buy the phone from them or have bought it in the last months. our partners to deliver this revolutionary insurance are Munich Re and Salva, established and forward looking insurance companies. Feel free to reach out on Intercom or if you have any further questions.