RiskWhip: is insurance redundant?

On the RiskWhip platform you can create any kind of rare-event financial risk shield with your crowd-powered RiskWhippers – efficiently in one place.

Think of RiskWhip as real peer-to-peer crowd insurance – unlike conventional P2P insurance, there are no insurers.

RiskWhip creates insurance-like protection minus the many negatives – no insurers, no underwriters, no brokers, no middlemen, no hidden fees, no liar fees, no privacy intrusions, no small print exclusions, no reneg clauses and no conflicted assessors.

You pay WhipFees only for what did happen after it happens – instead of inflated upfront insurance premiums for what might happen.

RiskWhip has no pooled funds – this means big cost savings, and no centralized default risk.

RiskWhip creates fair value risk protection because WhipFee (premium) payments automatically match WhipCall (claim) payments – that's vastly more efficient than industrial age insurance which sucks in billions more than it gives back.

Join an existing WhipCrowd or start a new WhipCrowd, define the risk types then invite all to join and whip the big risks.

Yes, conventional insurance is now redundant for the RiskWhip crowd.

So, how does it work?


Someone with many friends or access to a member list starts a new WhipCrowd and appoints the initial WhipMaster.


The WhipMaster decides which risk types can be managed by their WhipCrowd. For example a single RiskWhipper may cover property damage, vehicle loss and damage, health costs and compensation for income loss. New risk types may be added over time.


WhipCrowd members use a RiskWhipper setup tool to create their personal RiskWhipper aligned with their personal exposure levels. A personal RiskWhipper can be created in less than 30 seconds. There is no payment made at the time of taking a RiskWhipper, yet it starts protecting you immediately.


The Assessors are appointed by WhipCrowd members through a self-nominating and member voting process. WhipCrowds may appoint external Assessors as well.


Any member who experiences a risk event uses the WhipCall tool which immediately informs the WhipCall Assessors.


At the end of defined time blocks the WhipCrowd members are informed about all Assessor Approved WhipCalls along with their apportioned personal WhipFee for the time block. No WhipCalls means no WhipFee!


The WhipFee called at the end in any TimeBlock will never be more than your TimeBlock personal limit which is defined at the time your RiskWhipper is created and representative of your personal risk exposure level.


You have immediate access to the RiskWhipper and WhipCalls stats of all TimeBlocks in your WhipCrowds.

Frequently asked questions

Ask first is conventional insurance really guaranteed? Insurers don't always act ethically. Insurers can go broke. WhipCall payments are trust-based. You are trusting that the members of the WhipCrowds you choose to join do pay when called on. Members have a strong motive to pay – if a member skips a WhipCall payment they forfeit the opportunity for further RiskWhipper protection. Most people act ethically most of the time and everyone wants sound risk cover at the cheapest possible price.

The efficiency of an insurance process is measured by the gap between money insurers receive as premiums and money paid out in claims. Nationwide every year insurers collect many billions of dollars more than they pay out in claims. Conventional insurance is highly inefficient – many billions dollars paid by risk consumers just to cover insurer overheads and profits. This wasteful inefficiency is eliminated with RiskWhip. The gap between WhipFee payments and WhipCall payments is very small, expected less than 10 per cent.

Soon we will have two pricing options. Currently the WhipMasters determine a conservative estimate of the number of risk events expected in any TimeBlock. The WhipMasters can also assign risk weights to different categories of members. The RiskWhipper creation tool sets a maximum WhipFee payable in each TimeBlock based on these assumptions and the personal exposure defined for the RiskWhipper. The second pricing option coming soon will allow members to define their own risk assumptions and be rewarded for accuracy.

Pooling creates default risk, fraud risk, increased costs related to trustee management and a transfer of capital before the risk calls for it. Pooling allows insurers to use your money to earn interest and invest or speculate. No pooling leaves the funds safely diversified across the group members, until the last second before a WhipCall is made .

After the last WhipCall in a TimeBlock is approved for payment the required WhipFee for each RiskWhipper is determined automatically. Then the owners of the RiskWhippers are sent a payment alert. For convenience the WhipFee payments are made to the same bank account always then automatically disbursed to the WhipCallAnts in short time intervals. A similar idea can work for crypocurrencies.

We are researching that now. Since there is no pooling of funds regulation is reduced.

The WhipMasters define the operational rules which includes transaction currency, risk types and who is admitted as a member. WhipCrowd members determine which members or even non-members get status of Assessor through a democratic voting process.

We still have some parts to complete. But you can see most of it working now in a testing process using pretend money.

There is no practical limit to the number of unrelated risks that can be defined in a single RiskWhipper. The WhipMasters decide which risk types are suitable for their WhipCrowd. In WhipCrowds that allow multi-risk RiskWhippers members can take RiskWhippers that involve one, some or all of the allowed risks.

It could not be much better. Members can see how many members are in the WhipCrowd, how many RiskWhippers exist in each TimeBlock, the maximum total WhipFee callable in each TimeBlock, the called amount, how much was actually paid, bios of the Assessors, the terms of each RiskWhipper is immediately accessible. The full history of all RiskWhip communications can be accessed with a click.

Mention how rules are stamped into the agreement.