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Ditto Insurance

20 Sep, 9 tweets, 2 min read

Would you consider a friends-with-benefits arrangement…

...for #insurance?

A thread. 👇(1/9)

There’s this concept called “peer-to-peer” in insurance that does just that.

A concept popularized by Friendsurance in Germany, here, the P2P company collaborates with an insurance company to create a group of customers, or friends, that all buy the same insurance policy. (2/9)

The premiums are pooled together & divided into two parts: A part of your group’s premiums are given to the insurer & the rest is pooled and kept with the P2P company to settle small claims.

At the end of the year if any money is left, each member gets the money back. (3/9)

Before you get skeptical, the larger claims are serviced by the insurance companies themselves. Thus, in an ideal scenario, you can get back 40% of your premiums after your insurance period is over!

Pretty neat right? (4/9)

Apart from being cheaper, this concept seems promising because it makes you accountable for the premiums and the subsequent claims. (5/9)

You aren’t just dealing with an opaque, emotionless company anymore, it’s your friends. Since friends tend to be more honest with each other, fraud is more unlikely in such groups. (6/9)

Also, insurers love the fact that they don’t have to deal with smaller, less-costlier claims, and this reduces their overhead costs. Plus, the P2P company earns directly from the insurance company in commissions, so they don’t charge the customers. (7/9)

As disruptive as this concept sounds, it has had its own sets of challenges - from the initial inertia of insurance companies to partner with them, to the platform really catching on with customers. (8/9)

However, a lot of startups like YuLife in the UK have adopted this business model & are doing pretty well. Thoughts?

*******

Ditto helps you select the most suitable health & life policies for you and your loved ones. Drop your queries on WhatsApp- bit.ly/2VSZM4W (9/9)

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Here's a simple checklist to make sure YOUR health #insurance claims don't get rejected.

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1.) Be Honest Guys

The most helpful thing you can do for your health insurance is being honest when you're buying it.

A mistake in revealing your pre-existing diseases or not mentioning your medical history can lead to rejection & even termination of your policy (2/11)

2.) Check Exclusions
There’s no policy in the world that will offer to cover everything. So, the things an insurer can’t cover is spelled out clearly in the exclusions list... (3/11)

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Here's a simple guide on how you can effectively claim your health insurance👇

Part 1- Cashless claims.

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#Insurance companies have tie-ups with a number of hospitals to manage cashless claims, you might have heard them, cause insurers love to brag about them. (2/10)

They are called network hospitals and here, the hospital and the insurance company settle the claim amongst themselves, with little to no effort from your part. (3/10)

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America's richest billionaires are using #insurance to escape paying up their fair share of taxes.

How exactly?

A thread👇 (1/9)

The Biden administration is coming for rich Americans.

The plan is to extract $1.5T in taxes from the top 1% over the decade.

So are these folks going to cough up more in taxes?

No, they’re called tax-savvy for a reason. This time, insurance is coming to their rescue. (2/9)

We are talking about "private placement life insurance."

PPLI is a glaring loophole that can help billionaires not pay up their fair share of taxes.

And here’s the fun part - it’s totally legal. So how does it work? (3/9)

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Warren Buffett's Berkshire Hathway earns almost 30% of its total revenues (that's $70B) from its insurance business.

How did insurance come to be a money-minting machine for the conglomerate?

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First, we need some context on how insurers operate.

Insurance companies generally earn money through two routes. Perhaps the most obvious one is to charge premiums to customers in exchange for the provision of insurance. (2/10)

But insurers also make a large chunk of revenues from investments made through their 'insurance float'. (2/8)

What’s this 'float' you ask? (3/10)

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4 Sep

Did you know you can get FREE health check-ups from your insurer?

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☀️It's a lazy Saturday afternoon. You've been waiting for almost an hour now and you can't help but look at the receptionist intently hoping he will call your name.

And then suddenly when you least expect it, you hear your name called out loud. (2/8)

😷You walk into the doctor's room. He directs you to a certain spot and measures your height. He then checks your weight.

He makes you sit straight and then takes your blood pressure. He listens to your heart & lungs and orders a blood test for cholesterol & blood sugar. (3/8)

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2 Sep

A simple checklist to select the best health insurer for you.

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1.) Network hospitals:

You may have seen this word plastered on every insurer's website, but what it basically means is that if you're hospitalized in one of the insurer's network hospitals, you can avail cashless payment from your insurer. (2/12)

The insurer pays to the hospital directly without you having to pay up and be reimbursed later. So an expansive hospital network is always a good thing. (3/12)

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