I have recently had an idea for an ECC business but I’m not sure how it would work and I need your ideas/advice. I was thinking of starting an ECC insurance agency. Each player would pay a starter rate each month and rate would increase with amount of claims you make, just like insurance in real life. This would be great for a bunch of stuff, especially if you’re not loaning to an ECC Sponsor (Insured). Some ideas of claimable things -Loan Scamming (paid back face value of loan) -Evicted from a town - secure item storage in our facility - town owner would have to agree to some plan of item transferal. - Maybe even a new town if someone had claimed your old one (this is very broad - not sure if would work but just looking for ideas) - Looking for suggestions.... So, I need your help with this. (Please reply with this format) How much would you pay per month to start (I.e. not having made any claims): What are some events/instances/occurrences that could be claimed under insurance: What policies would you put in place regarding what is your fault and therefore would not be liable for a claim (e.g. mucking up contract): Do you in general like this idea: Any other suggestions: Thanks guys I really appreciate your feedback. -JT EDIT: Come on guys had 47 views, yet only 1 comment. I would really appreciate it if you could take 5 seconds to say how much you would pay for a service like this. And if you really want to help me out, reply with the other questions found in the format below. Thanks guys!
EDIT: Come on guys had 47 views, yet only 1 comment. I would really appreciate it if you could take 5 seconds to say how much you would pay for a service like this. And if you really want to help me out, reply with the other questions found in the format below. Thanks guys!
Thinking of real life, how about grief insurance? E.g. someone's house gets griefed but the amount of loss is less than that needed for a rollback but still significant. Taking a real world example, your house gets broken into, busted up and stuff stolen, insurance pays for new stuff and a builder to fix the damage. How you translate this to ECC though is hard because you have no way to know that the insured house was built from cobble, not gold blocks as the insured party claims. You'd need Investigator or someone with it. Or you get insured parties to submit screenshots etc. as proof before they sign up. Looking at the three suggestions you made, unless premiums were high you may go bankrupt very quickly. How do you get the money back from the scammer. Real world insurance companies need two things a stack of money sufficient to pay out whatever the expected annual losses due to claims are, and a way to make profit for their shareholders (companies are there to make money for shareholders, anything else is secondary, welcome to capitalism
Honestly not sure if anyone’s really willing to pay a monthly fee or anything that they have to keep paying for unless they know they’re gonna lose something big but good luck!
This type of service has been thought of before. But if you don’t get enough people doing it it’s not worth it. Plus I’d charge weekly or bi weekly. Start at 10k per week then jump 2-5k per claim depending on claim but also make it three months before they can claim. Or you’ll have 10+ claims in a week and be broke
Thank you everyone for your helpful responses. I have launched a trial run of the business which can be found here. We'll see how it goes... This is still the thread for suggestions and feedback so feel free to add more. Thank you again. Best of wishes in future everything.
Think I might do something similar for mswords. The problem is in getting enough money together - think I might buy a star tool on a payment plan and use that to make money.
Everyone... we have all the insurance we need. What EcoCity Tool Insurance Company. https://ecocitycraft.com/forum/threads/ecocity-tool-insurance-company.191487/ I had taken time to calculate everything to a specific criteria and necessary amount of people needed to keep this going.
As stated before we already have a ECC tool insurance company, but, no one would ever use it because it has terrible pricing, and terrible terms and conditions, so legit, all you have to do it make it better
Or close it down, because competing with calculations I used, any cheaper prices, you would start to lose money. I have it so it is little to no profit at all and of course all the money made on it is kept separate from AAUB and myself.
Overall, I think it comes down to trusting someone to pay out for their claims and to be transparent about where and how it will be used.
That’s nice. @SisuJaSalmiakki you go right ahead and try to make that insurance company - I’d love to see someone try (That isn’t a billionaire ). From my experience it’s not a service in demand because and I have not one single person apply for my coverage - but oh well. And by the way @_Royal_Vulpes_ I’d like to see what kind of calculations you did like how often someone would make a claim because as far as I can tell no one has applied for your expensive coverage either
The problem with that is that to have a bank that size, I need: to be a trusted user that has a good reputation about 1m starting capital. All I really have is a casino and a pumpkin axe, so...
The good thing is with EcoCity Tool Insurance Company, it is affordable. Being a sponsor, having a $2,000,000 backing for ETIC, and having the terms noted for how often one can claim, I see no issues, but it all comes down to people really wanting it. As far as my calculations go, @JTx1085, that is for me and my co-owners' to know.
Anyways, I am not going to get into an argument into which company is better. It will come down to who needs it, who is more trustworthy, who can be on as often to meet the claim demand, who can afford to do the claims, and who is more reasonable. Those are my points that I feel is why no one has applied for either company, and as stated before by another player here, people are worried they will be scammed. I have spoken and I withdraw from this conversation to avoid a "heated" debate.
