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Community is at the heart of insurance. Come and join us as we build the insurance you deserve.

Sofia Alvebro
03 december 2018
Sofia Alvebro

Insurance has been around for as long as societies have existed. One of the more common stories about how it came to be dates back to the middle ages when farmers teamed up and formed guilds. They pledged a portion of their income to form a joint pool of money to protect each other from years of bad weather and ruined crops. At this time insurance was still simple and fair. All farmers jointly agreed on the rules in the guild and everyone participated in determining who was eligible for a payout from the pool. 👩‍🌾

Insurance became popular. Farmers not only insured each other against bad weather, but started to insure each other against fire, theft and other problems. It became apparent that everyone needs insurance, and eventually insurance grew to the point where guilds became too large and the model became impractical. Instead, insurance companies were formed and grew into the gigantic centralized institutions they are today.

Today’s insurance is a lot different than it was in the day of the guilds. We still have the group of people that want to pool their resources to insure each other against accidents that could otherwise cause chaos to a single person. But all the decision power is now vested in one central authority. A central authority that collects all the money, write the rules of the insurance contract and later on, when an accident occurs, decides how the rules should be interpreted and how much should be paid out.

Let’s pause and think about this for a second.

The insurer collects all the money, and the more it can refrain from paying out the more it keeps in profits. This is a classic conflict of interest where you and the insurer are competing for the same dollar. Only, in this case, the insurer has all the decision power. It has written the rules of the 50 page insurance contract in an unreadable lawyer-language; it can change the rules and price at any time, and in the claims process it can choose how to interpret the rules.

With this conflict of interest in place, do insurers have any interest in creating a simple and frictionless claims experience so you can easily report what happened and get what you deserve? Definitely not. Quite the opposite. And this is why you still see physical paper-forms in the claims process, and why you see customer support opening hours that are worse than a bank branch offices.

"With Hedvig we are bringing insurance back to its roots. In our connected age with all available technology, we believe that the guild model will work once again with very little overhead and friction."

Our interest is in creating an insurance experience that is simple, transparent and lightning fast. Sounds like something you want to be part of? Then come and join our brand new Hedvig Community and help re-invent insurance!

Our community is a first of its kind where you can help shape your own insurance - have a say in what we add or remove from our policies or give us feedback on how our app works and what features we should add next.

This is an exciting first step in making insurance all about community again. We look forward to hearing from you.

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