*We need to have 40 European EA’ers in this group before this experiment is a go*. GOAL: create a safety net for effective altruism community members to allow them to take on donate more/take on riskier altruistic initiatives with less worry about personal finances. WHY JOIN EXPERIMENT Optionality: 1) small investment (5 minutes registration time & this concept distracting you by sticking in your brain) 2) high potential: – if 40 people reached, you can choose to have employment disability insurance at a below-market rate. – the more people who join this group, the more negotiation power we have for possible customised ‘insurance’ (such as English descriptions, covering medical costs and giving access in other countries) for anyone working towards doing the most good VALUE 1) Insurance adds value by spreading financial risk across risk-averse humans however, employment disability insurance is expensive, especially for self-employed people (making savings more appealing: https://80000hours.org/2015/11/why-everyone-even-our-readers-should-save-enough-to-live-for-6-24-months/#for-personal-insurance). 2) CommonEasy replaces an insurer’s fraud detection with peer control (further helped by value alignment in the EA community). It also deals with coordination problems within the EA community (i.e. would donating to another EA’er with financial difficulties really be doing the most good?). 3) Most of the value lies in the future potential of this peer-to-peer insurance model. If we show CommonEasy that there’s enough interest within the international EA community, it’s plausible that we could customise a broader coverage with them that includes other risks (e.g. medical costs). CRITERIA FOR JOINING GROUP 1) committed to effective altruism principles (http://bit.ly/2mQaN40) 2) have a bank account denominated in Euros (for SEPA Direct Debit) 3) interested in setting aside at least €60 per month for an employment disability safety net 4) having existing income sources that cover your current living expenses HOW IT WORKS 1) You allocate 5% of your living expenses in case of employment disability, with a coverage of 2 years (this has a wide safety margin according to my conversations with CommonEasy employees though I have not done my own calculations). 2) This money goes to your ‘insurance’ pot for ‘claims’ by you and your peers in the Common. If your pot grows too large (not enough disability ‘claims’ ), you get to withdraw the excess money. If you decide to leave the peer group, all the remaining money in your pot gets transferred back to you. 3) The amount that you allocate to your peer connections in this group is the maximum amount that you can get from them in case of employment disability. Therefore, I propose we each allocate at least €50 total to our first & second connections to cover living expenses of €1,000 per month. Adding in the €10 monthly fee (covers CommonEasy’s operating costs) makes the minimum monthly cost €60. 4) If you become unemployed because of physical or mental health reasons, you can submit a ‘claim’ on this website. If no-one in the group disagrees with it, you receive the first payment 2 weeks later. If someone does voice their disagreement, you get the opportunity to reply and solve possible misunderstandings. A voting round follows in the 5 days after that. If 10 or more people vote against your ‘claim’, it is denied. BACKGROUND INFO 1) CommonEasy is a Dutch startup owned by a non-profit that aims to improve society by giving people access to cheaper insurance. See: http://networkcultures.org/moneylab/2015/12/11/commoneasy-a-new-p-2-p-insurance-model-is-born/ 2) More peer-to-peer insurance startups exist around the world (which I haven’t researched) but the alignment between CommonEasy’s and EAs values makes them a great partner (http://www.peercover.co.nz/p2pinsurance-around-the-world.htmls). Note: I did pretty much all research, interviewing (conversations with CommonEasy’s co-founders & other employees) and writing in one evening. I may have made mistakes. However, I’m only willing to spend more time on researching this concept if there seems to be enough interest in the EA community. Remmelt
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