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Jon Asus
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Posted - 2008.02.25 16:53:00 -
[1]
I'm not sure where to post this so I've put it here, mods, if it's in the wrong place, sorry.
I'm looking into opening up an insurance company within Eve which would be able to insure any ship, any module, any rig and any cargo that would show up on a lossmail. However, there are a few little kinks which I need to sort out and a bit of a catch.
The catch is that you would have to input your full api key into a website, the website fetches your most recent lossmail, saves the lossmail so I can check it later and then forgets your api key. Like most of things in Eve, this would come down to a matter of trust. I am currently looking into ways of ensuring a high enough level of trust so that everyone would feel comfortable using the service.
And now the actual point for this thread. Would you be interested in such a service?
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Glassbil
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Posted - 2008.02.25 17:43:00 -
[2]
Could be interesting, Depending on what terms were offered, What assurances that it isn't a scam, And what it'd cost etc etc. |
I'R Princess
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Posted - 2008.02.25 17:56:00 -
[3]
You're not even trying are you? 
At least that other guy made a complete marketing/assets whatever website to gain the trust of people to get the full API key...
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Akita T
Caldari Navy Volunteer Task Force
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Posted - 2008.02.25 18:01:00 -
[4]
This can only end in two ways... ONE, you get ripped off by your own customers... TWO, you rip off your customers.
It doesn't even have to be intentional, it's just that whoever would want to get an "alternative insurance" expects to lose his stuff and get more in return as he pays for, while you have the exact opposite expectations... so ONE of you two "parties" will end up screwing the beegezus out of eachother (I'm leaning towards you getting screwed by them, to be honest).
The API key doesn't even enter into the bigger issue.
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Luh Windan
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Posted - 2008.02.25 18:06:00 -
[5]
The only way insurance works in RL is because there is regulation and protection for both sides (as another poster points out *all* your customers are going to be trying to rip you off almost by definition). So the only way you are going to make this happen (except perhaps for a small band of trusted and known customers - say your fellow corp members?) is if CCP provide a structure for it and given they encourage scamming, piracy and other nefarious goings on....
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DeathAndTaxxes
Gallente
Alliance Tactical Research Industries
Zzz
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Posted - 2008.02.25 18:54:00 -
[6]
The other problem is the loss rate. In RL insurance works because losses are rare. In one year say 1 million homes are destroyed by wind, flood, fire, etc. Well that means 200 million+ homes are NOT DESTROYED.
Insurance spreads risk around.
The NPC insurance (even with it's bad payouts on T2 gear) is a massive loser for CCP (if they were trying to profit). For every 1isk collected in premiums CCP "pays out" 2-3 (maybe even 4 isk).
Many people (especially those looking for alternate insurance) will lose 100% of their insured items over a long enough time scale.
Say average player loses a ship once every month. To break even you would need to collect premiums that equal the loss every month. To insure a 100M ship the premium would be something insane like 25M PER WEEK FOREVER.
Plus the ability to cheat will be too tempting.
I don't think it would work but your MIGHT be able to get a working business model for implants. People tend to get podded much rarer than they lose ships. An implant plan something like:
monthly premium, and a payout as % of current market price for implants (using current Jita prices).
Even then you will need to run some numbers. Never have 100% payout because then their is no risk for the consumer.
Say +5 implant is 100mil ea. So full set is 500M. You offer a insurance contract with 40% payout. So 200mil paid if the insured is podded and loses implants. Now the real math is figuring how often do people with +5 implants get podded? Without good stats you are just gambling. If you make the monthly premium say 50 mil you are betting that average player w/ +5 implant set gets podded LESS THAN ONCE PER 4 MONTHS.
insurance works because the insurance companies have huge amounts of stats to determine the average rate of claim, average loss etc. You have no such stats so anything would be a shot in the dark.
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Jon Asus
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Posted - 2008.02.25 19:31:00 -
[7]
 Originally by: DeathAndTaxxes
Plus the ability to cheat will be too tempting.
It's API verified so if they can hack that I think they'll set their sights a little higher.
Quote:
I don't think it would work but your MIGHT be able to get a working business model for implants. People tend to get podded much rarer than they lose ships. An implant plan something like:
monthly premium, and a payout as % of current market price for implants (using current Jita prices).
There is no way to verify implant loss, otherwise I would be offering this service.
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Luh Windan
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Posted - 2008.02.25 19:43:00 -
[8]
Originally by: Jon Asus
Originally by: DeathAndTaxxes
Plus the ability to cheat will be too tempting.
It's API verified so if they can hack that I think they'll set their sights a little higher.
How are you going to agree prices? I am pretty sure that a group of people could easily setup a racket making/acquiring cheap ships and insuring them and then 'losing' them and getting full market value from you for them.
Don't get me wrong Its a nice idea - I can just see a lot of holes and little opportunity for profit. Another reason insurance works in RL is that people do not want to lose their stuff - in eve Isk or items are pretty much the same to most people because they are so used to getting things blown up.
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Dark Flare
Caldari
StateCorp
Insurgency
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Posted - 2008.02.28 22:24:00 -
[9]
Originally by: Luh Windan
Originally by: Jon Asus
Originally by: DeathAndTaxxes
Plus the ability to cheat will be too tempting.
It's API verified so if they can hack that I think they'll set their sights a little higher.
How are you going to agree prices? I am pretty sure that a group of people could easily setup a racket making/acquiring cheap ships and insuring them and then 'losing' them and getting full market value from you for them.
Don't get me wrong Its a nice idea - I can just see a lot of holes and little opportunity for profit. Another reason insurance works in RL is that people do not want to lose their stuff - in eve Isk or items are pretty much the same to most people because they are so used to getting things blown up.
If they were getting cheap ships, surely they'd just sell them at market value rather than going to the effort of sorting out insurance? 
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Hexxx
Minmatar
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Posted - 2008.02.29 02:10:00 -
[10]
Will only work for T2/Faction items.
Consider insuring POS's (people hate losing those).
Lastly, the idea has been discussed ad nausem in the Market Discussions forum....this kind of belongs there a bit more than GD.
Director | www.eve-bank.net
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