Why Community is So Important
A frequent question we hear is, “Why is Eusoh’s emphasis on community?” Eusoh introduces a financial model that saves consumers significant money. Ironically, the emphasis on the community only further complicates our platform. Requiring our members to join community groups is a significant frictional barrier that has been an impediment for user adoption.
Experts in the Marketing and Startup fields would suggest that we eliminate all frictional barriers to registration. The addition and the requirement of the community component of Eusoh totally break these accepted norms. So why do we focus on community to the detriment of our growth?
Our focus on community introduces a behavioral component that is non-existent in the traditional insurance model. This behavioral change is a significant component of how we are drastically saving money for our members. Combined with the savings achieved strictly by the financial aspect of the platform, the overall savings have been eye-popping.
Our emphasis on the community may decrease early adoption, but we’re in this for the long haul. We are confident that an inflection point will soon give way to rapid organic growth. The setbacks now are absolutely worth the long term gain for our members.
There are several important elements to our community — the pertinent ones include collective wisdom, accountability, and security. Attaining financial security is the undeniable core value proposition of Eusoh. We wanted to take it a step further and utilize community to transfer collective wisdom and keep our members, along with their providers, fully accountable to one another.
The Insured vs. the Insurance Industry, the Modern Day David vs. Goliath
In the individualized insurance model, for everyone insured, it is them versus the insurer. The individual versus the multimillion-dollar industry, the “David versus Goliath”. This is played out when the insured needs to employ their insurance and their only option is to extract as much as they can from the insurance titans.
This extraction from insurance companies is also practiced by the providers, the facilities, and ancillary providers, all of whom are trying to get as much out of the system as possible. They all forget that, in reality, the funds they are vying for, are being crowdfunded through premiums from the members. This leads to widespread abuse in the insurance market. It is precisely this widespread abuse that has caused exponential rises in premiums that are untethered nor hampered by any market mechanisms.
For the insurers, this volatile and unobstructed model is a good thing because, at the end of the day, they earn income as a percentage of total premiums collected. If revenue functions as a percentage of total premiums, would the insurance company prefer premiums to be at $100 or $400 per month? Obviously, the latter. They achieve this by allowing the insured to operate within the most inefficient market possible — inefficiencies that only drive prices up.
Conclusion: Community Fixes the Current System
Requiring our members to join community groups changes this calculation. It re-introduces the behavioral patterns of collective wisdom, accountability, and security. All of which are mutual benefits — our members expect to receive it, and in turn, know to provide it as well. To effectuate this, there is a heightened level of transparency, which for many is yet again another barrier to entry. But our members accept this when they join Eusoh — because the cumulative effect is a force unto itself that pushes down monthly costs far lower than ever achievable by any novel yet isolated financial model.