Pineapple has paid the world’s first distributed claim since going live on the 27 of July
This is how it worked:
A claim was submitted at 10:17 on the 10th of August.
The claim was paid to the client at 11:45 on the same day.
Click here If you would like to see how the Pineapple system works
The claim was then passed to Nelson (Pineapple’s Bot), who broke the claim into tiny pieces and distributed it to all members wallets.
R21 – The median member contribution
R175 – The largest contribution
26c – The smallest contribution
The pineapple team explains that as the community grows the amounts allocated will get smaller and smaller but will be more frequent. Due to the increase in wallets that contribute, but also an increase in number of claims.
Should members not wish to contribute towards every other member who claims they can create their own network within the Pineapple App, by connecting to those they choose in a manner similar to Facebook friends. Doing this gradually moves them away from the general community the more they connect.
Performing insurance in this way allows members to pay only what is needed and at the worst case scenario they pay a market related premium. A win win situation.
The reinsurance portion of the Pineapple system will ensure that valid claims will always be paid in full even if wallets run out.
To date most members in Pineapple are sitting with around 80% or more of their wallets having gone unused. i.e so far they have paid around 20% of a market related premium and at the end of the year the other 80% would be withdrawable in cash.
This is insurance as it should be, only paying what is truly needed. People helping real other People who are unfortunate. Insurance V2.0