$1,000 Grand Prize: Mitigating Risks to Vulnerable Populations

liquidity/cash crisis insurance

Last Edited by nav78

1. Product Name
Liquidity/Cash crisis Insurance
2. Populations that product/service would protect.
lower income group, middle income group etc. And possibly everyone, as anyone can go into a situation where he has less cash money to overcome a crisis situation.
3. Impacts that the product/service would protect against.
Protects/helps people when they are suddenly in a situation where a crisis of any kind, would require more cash money than what they have. For example high medical bills, losing of court case and paying high damages etc.
4. Trigger event that would result in a claim.
Bills of any emergency service or legal service or court order or emergency purchase. Any emergency event or event not under the control of the subscriber, because of which the subscriber may have to pay cash money. Provided that the total amount of the bill is more than the total of their current insurance coverage (for that service/purchase ) and available cash in hand .
5. Scope and nature of the insurance response (e.g. it could be a cash payment or could include services or a combination),
Policy should provide a minimum of $5000 cash payment to the subscriber. Policy premium should be in accordance with the amount of assured liquidity/cash crisis insurance. It should be a onetime cash payment. Case manager should satisfy himself that the total insurance coverage and cash money, available with the subscriber, is less than the total bill.
6. Thoughts on why this would be a compelling product.
No one wants to get into a situation when he doesn't have cash money. His life will stop. For example a person gets a medical bill of $10000. He has a medical insurance cover of $5000 and $2000 cash in bank. He is short of $3000. That's where this new policy kicks in, it provides him with extra cash to overcome the current cash crisis and still be left with some money to go on with his life. His life should not stop because of sudden unexpected expenses.
7. Thoughts on how this product would be sold.
Through advertisements, direct marketing and also it can be sold as an add on/extension of medical policy, third party liability policy etc. Also can be sold through an employer to his employees. theme- Life should not stop if you do not have cash in hand. Enjoy life.

Voting

2 votes
2 up votes
0 down votes
Idea No. 2166

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