RISKSHARE: REVOLUTIONIZING DISABILITY PROTECTION FOR THE SELF-EMPLOYED
PROBLEM
One million self-employed individuals in the Netherlands face difficulties obtaining affordable disability protection. This demographic, which plays a vital role in the Dutch economy, encounters unique challenges compared to salaried workers, primarily due to the high cost and stringent terms of traditional insurance options. These options are often too expensive and offer unfavorable terms, leaving many without adequate protection against disability risk during their working life.
SOLUTION
P2P risk sharing can address this issue by allowing self-employed individuals to mutually share the risk of disability. With P2P risk sharing, participants pay only for each other's claims without the intervention of an insurer or reinsurer. This eliminates costs, taxes and profits resulting in premiums that are at least 60% lower than traditional disability insurance, making the coverage more affordable and accessible. The P2P risk sharing scheme operates until participants reach retirement age, ensuring they have comprehensive disability protection throughout their working life. Risk ends where RiskShare begins.
TESTIMONIALS
Peter; I am a thrilled participant of RiskShare! This revolutionary platform offers me incredible of more than 60% lower premiums than traditional insurance. With comprehensive digital options and diverse coverage, including customizable schemes through surveys, RiskShare gives me control like never before. What truly sets it apart is the personalized support from my advisor, guiding me through every step. Joining RiskShare isn't just about saving money; it's about empowerment and belonging to an innovative movement in insurance. Highly recommend for anyone ready to transform their approach to risk management!
Vanessa; As someone receiving disability benefits, RiskShare has made the entire process incredibly simple. The application was straightforward, and the personalized support from my advisor has been invaluable. They guided me through each step, ensuring I received my benefits smoothly and without any hassle. RiskShare's commitment to ease and support has made a significant difference in my experience. I highly recommend it to anyone seeking disability protection and benefits with minimal stress.
COMPARISON OF TRADITIONAL DISABILITY INSURANCE AND P2P RISK SHARING
Traditional DIProfession: Crane operator Premium per month: 18 years of age: €159.71 | P2P Risk Sharing
Profession: All professions
Disability: >25% Payment pm at >80%: €2,000.00 Indexing: Inflation Waiting period: 30 days Premium due until cancellation Premium per month at average 4%: 18 years of age: € 5.00 |
MARKET SITUATION
The average long-term disability rate among self-employed individuals insured by Dutch insurance companies typically ranges from 1.5% to 2.5%. This variation depends on factors such as age, occupation, and chosen coverage, as reported by KPMG, Dutch Association of Insurers, and DNB.
Currently, absenteeism due to illness is lowest among self-employed individuals at 1.7%, compared to 3.8% for medium-sized companies and 5.2% for large companies. Despite this, many self-employed individuals struggle to afford disability insurance, which they seek at reasonable conditions and costs throughout their careers.
P2P RISK SHARING
P2P risk sharing offers a solution by eliminating the conflicts of interest and profit drivennes inherent in traditional insurance models. This approach provide disability insurance to millions of self-employed individuals at premiums at least 60% lower than traditional insurers.
For example, assuming 100 in risk sharing participating self-employed individuals, an average absence rate of 4%, and a benefit of €2,000 per disabled person per month, these 100 participants would need to share a monthly amount of €8,000, or €80 per person. The sharing amounts are age-related, starting at €5 for an 18-year-old and increasing by €3 annually, up to €155 a month for a 67-year-old.
In P2P risk sharing, there is no traditional insurer or reinsurer involved. The risk sharing payments are used exclusively for claims, ensuring that the interests of the risk sharing participants are prioritized, unlike traditional insurance where unused premiums cover overhead, operational costs, profits, and taxes.
HOW RISKSHARE WORKS
Local Riskshare advisors, anywhere in the world, working together in limited franchise partnerships, advise the local public on p2p risk sharing and offer them participation after taking out a daily cancellable advisory subscription. You can change advisors at any time.
After taking out the subscription, the participants / members / clients or whatever name you prefer, can instantly close, pay, claim, and cancel the desired risk sharing schemes all by themselves in just minutes with nothing more than smartphone and internet. After the AI closing process or cancellation is completed, the participant is redirected to PayPal, which handles the direct debit or cancellation fully automatically.
Advisors pay a platform fee per client for the risk sharing technology, the collection of their subscriptions. and for the client surveys. The advisors are the first and only point of contact and therefore responsible for their client. P2P risk sharing is not a product so advisors do not need any licenses.
The advisors share the ownership of their local franchise partnership and are jointly and individually responsible for its success. The partnerships set the requirements and conditions for the entry of new advisors and experts and the forced exit of non-performing advisors and experts.
RiskShare enables seamless interaction among members and advisors through integrated social media features that can be configured as public, members-only, or private. Members can contact each other, share information in a feed, and rate advisors. Advisors can provide details about their expertise, share updates on risk sharing, and offer personal information. This collaboration fosters a dynamic community where knowledge and experiences can be easily exchanged.
BUSINESS MODEL
RiskShare consists of 3 local risk sharing entities; 'RiskShare Network', 'RiskShare Advisors', and 'RiskShare Platform', that are legally independent but economically inseparable. This structure ensures a robust, distributed ecosystem where each entity operates with a high degree of autonomy while being interdependent within the overall framework. RiskShare employs a holacratic model, which eliminates traditional hierarchies and bureaucracies, fostering agile decision-making and enhanced collaboration. Each entity contributes to and benefits from shared resources, risk management strategies, and collective expertise, creating a resilient and adaptive network capable of responding swiftly to changing market conditions.
GLOBAL IMPLEMENTATION
RiskShare Platform is a SaaS application that uses a single technical infrastructure for global deployment. This centralized approach, from whatever location, enhances scalability, reduces costs, and ensures regulatory compliance. Local advisors provide market insights, culturally tailored marketing, and participant support. By integrating centralized operations with local expertise, RiskShare smoothly adapts to international markets.
The goal within five years is to establish RiskShare Networks with 1,000,000 risk sharing participants, develop Limited Franchise Partnerships with a total of 5,000 RiskShare Advisors, and facilitate many millions of transactions. The platform is projected to have a market value of 1 billion euros, based on a valuation of 13 times its profit or an 8% rate of return. Once this is achieved, an exit strategy will be considered.
REVENUE MODEL
PROFIT AT 1 MILLION PARTICIPANTS
CRITICAL SUCCESS FACTORS
BIGGER THAN UBER AN AIRBNB
The premium volume in the insurance industry amounts yearly to no less than 7000 billion euros worldwide. Many times larger than the cab industry 200 billion and the hotel industry 1000 billion in which Uber and Airbnb disruptively excel. This makes it remarkable that disruption has so far remained absent from the insurance sector. However, there is now 'RiskShare', a P2P risk sharing platform with mutually agreed terms and at least 60% lower premiums advised and managed by independent advisors. Every person and every family all over the world needs protection from financial risk. RiskShare puts P2P risk sharing at your fingertips anywhere in the world with nothing more than smartphone and internet. RiskShare will become bigger, more agile and more profitable than Uber and Airbnb with the right man or woman at the top.
STEPS TO TAKE NOW
FOUNDER
Remmelt Bossema is the founder of RiskShare, an innovative insurtech startup aiming to revolutionize the insurance industry with the first and only true P2P risk sharing platform. With over 30 years of experience in financial planning and banking, including roles at SNS Bank and ING, he has extensive expertise in financial services. His vision for RiskShare includes achieving unicorn status within five years by offering at least 60% lower premiums and creating a sustainable growth cycle through advisor-client relationships. As the CINO, Remmelt's leadership emphasizes the balance between vision and execution to drive success.
INITIAL FUNDING €10,000,000
With initial funding of €10,000,000 in seed capital or convertible loan(s), RiskShare is set to revolutionize the market with the world's first and only true p2p risk sharing platform. RiskShare offers coverage for death, disability, accidents, healthcare, travel, liability, legal aid, damage or loss to car, house and contents. The strategy is simple yet powerful – emphasizing organic growth, high profitability, and eliminating the specter of loss and insolvency by sharing the risks among the peers.
I invite entrepreneurial investors to explore this unique opportunity to be part of RiskShare's groundbreaking venture. For more information or to express your interest, please contact me via email at rbossema@riskshare.nl or by phone at 31(0)653374097.
CONCLUSION
While Uber and Airbnb have redefined their respective industries, RiskShare is poised to make an even greater impact on the global stage. With its unique approach to risk sharing, substantial cost reductions, global reach, and participant engagement, RiskShare is positioned to become a dominant force in the insurance sector. By leveraging the principles that made Uber and Airbnb successful, RiskShare has the potential to reshape the insurance landscape, offering affordable and accessible coverage to anyone worldwide. As the world becomes increasingly interconnected, RiskShare's rise as a market giant seems inevitable, solidifying its place alongside the disruptive pioneers of the sharing economy.
GLOBAL SHARING PLATFORMS
Uber |
Airbnb | RiskShare |
Not Cabs |
Not Hotels | Not Insurers |
But Ride Sharing | But Room Sharing | But Risk Sharing |
At 20% Discount | At 40% Discount | At 60% Discount |
Offered to Trippers |
Offered to Tourists |
Offered to Anyone |
By Car Drivers | By Home Owners | By Risk Advisors |
All over the World | All over the World | All over the World |
Via the "Uber" Platform |
Via the "Airbnb" Platform |
Via the "RiskShare" Platform |