Insurance

Insurance is the one financial product consumers buy hoping they will never use. It is also a product they are often compelled to buy – by law or as a condition of financing for assets like homes or cars. At the same time, insurance is the most complex and least transparent financial product in the market.

Buying insurance presents the consumer with high transaction costs before and after the purchase. Before the purchase, the buyer must spend time and effort to determine and secure the right coverage. After the purchase, the buyer faces the high switching costs of repeatedly shopping  for better deals. Conversely, carriers and agents face high acquisition costs and are incented to create and maintain persistency – or long term, low touch repeat business. As a result, most consumers are either over- or underinsured as life events change their risk profile.

Using the KNOWN™ platform, RiskMix will offer a crowdsourced approach that allows consumers to quickly benchmark their coverage and premiums against others with similar risk profiles. In addition, consumers will be able to store detailed information on their risk profile enabled with an entire spectrum of consumer-driven privacy policies. This will result in quotes from agents and carriers without a need for repeated data entry on the part of the consumer.  Using the KNOWN platform and tools, RiskMix will also allow agents and carriers to bid on consumers whose risk profile fits their underwriting criteria and appetite, drastically lowering acquisition costs. Increased use, increased rewards and increased efficiencies incentivize all participants to rely on KNOWN as their first stop when shopping for insurance.

MyKnown

A place for creators of media content to share their works and derive direct value from it without the high costs and unfair constraints of other distribution channels. MyKnown is based on a simple premise: All of your data belongs to you! Not just some of it. All of it. Whether you are a visual artist, musician, writer, movie maker, videographer, game maker or in a category all your own (“creatives”), you have the right to decide how and under what circumstances you share your creativity with others.

When you open a MyKnown account you will be provided a private and secure location to store your media and a platform on which to show it, share it and get paid for it. MyKnown’s browser and mobile media app is designed to work a lot like Instagram, but with features designed for the creator’s benefit. It provides users with a steady stream of every type of media. If someone likes what you are doing, they will be able to go to your individualized marketplace with a touch. There they will be able to sample your work and contract for the use of any item using the MyKnown payment system. Because of the increased rewards and ease of use, everyone wins with MyKnown.