What Is Teambrella?

Teambrella is an app that seeks to replace insurance. It’s more than insurance—a lot better because you and your team mates cover each other. If you submit a claim within your team, your teammates will pay for it. Besides, you cut out the middleman. In essence, Teambrella fosters the golden rule of “Treat others the way you would like to be treated.”

Insurance companies get funds from policyholders. If they accumulate more money in the pool, their profit increases. When that happens, they reject even valid claims. Because of this, many customers see insurance agencies as enemies and not friends. In the end, people begin to commit frauds, which somehow they find acceptable. In fact, 24 per cent of respondents believe that insurance fraud is acceptable. However, the cost of dealing with such frauds is often costly and horrible.

When fraudulent activities find their way into the insurance market place, the result is unfair treatment, bureaucracy, and higher-than-expected prices.

Teambrella seeks to be a medium for sharing risks with peers, thereby helping members in need. All the same, they are not just declaring the absence of conflicts of interest—they are aligning interests of all parties involved to make the entire process unarguably fair.

The platform seeks to implement the process of alignment of interests through the following strategies:

Teambrella eliminates conflict of interest from its source. The platform has no pools. Instead, teammates pay for claims right from the ETH wallets they control. It cannot profit from refusing claims.

As noted in the beginning of this piece, Teambrella implements the Golden Rule of treating others they same way you would like to be treated. Against this backdrop, when a user files a valid claim and someone thinks about voting to pay you nothing, other teammates can automatically see it. When the person who mistreats a user files a claim himself, he or she would experience the same treatment.

Teambrella operates on the principle of empathy. Since fairness is objective, the platform allows its users to exercise their empathy and decide on what they believe is fair. This applies to all situations whether it’s a team rule, accepting a new mate, or the amount to reimburse.

The platform exercises liquid democracy in that a majority of the members does not vote all the time. An acceptable practice on the platform, each teammate can appoint a proxy to vote on his or her behalf. When that happens, the team compensates all the teammates and proxies that did vote. All the reliable proxies can accumulate more trust and earn more.

Teambrella is not insurance because it’s on the same side as its customers. The platform is based on the empathy between customers, governed by customers and their proxies through voting and the Golden Rule. Above all, there is no conflict of interest.

Teambrella doesn’t reinvent insurance. Rather, it has designed its platform to keep alignment of interest as the guiding principle. It’s a live platform with a worldwide recognition, targeting a $3 trillion market. You can join the whitelist here to be part of the community. Token sale starts in about 5 days.

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