SplitEx is an app-based service where the users share the risk of unforeseen cost with each other. The purpose of the service is that no one should have to pay for nothing.
The insurance industry today offers security only after receiving a fixed monthly fee.
Customers pay their premiums in advance and whether they make a claim or not the insurance company retains all the money, or at least a clear majority of the money.
By creating SplitEx-groups that share the possible costs for incidents we can stop overpaying these large companies. Some of us will be lucky, others won’t, but none of us knows who will end up in need to make a claim. However, what we do know is that, today we pay a lot more than it costs to repair the damage. We pay for large organisations, slow processes and big profit margins. It doesn’t have to be that way.