Recently, we were shown this article from Stephen Menedian entitled "Equity and Equality - what's the difference?" which really helps set the correct frame of reference for this important social distinction.  Please take a minute to read it, well worth your time.

As mentioned in the article, we are all familiar with Equity - embodied in the facilities afforded to our physically challenged  community members, such as handicapped parking spots, ramps to buildings, and public restrooms 

So, given Equity is a Core Value for the w3if, how does it play into the insurance world?  

Deriving from our Core Value - delivering equal outcomes regardless of circumstances - we seek to ensure our products impact community members in unique ways so as to provide the same outcomes.

In the same way, we provide access ramps to buildings, these ramps ensure all citizen access to the facilities inside the building.  We, therefore, need to think about creating ramps into buildings as we structure our solutions.  

So, how does this apply?

Exploring the problem domains of insurance, we see each has levels of discrimination and bias that limit the outcomes of community members.  For payments, for example, for lower-income individuals, deductibles when accessing a claim present a problem.  We know that a lower deductible results in high premiums.  Advantaged community members with access to capital can elect lower premiums through large deductibles and save more money compared to those less advantaged.  This is an example of where equity is not achieved and presents an opportunity for w3if to address.

So, how do we address this premium / deductible trap?

 Great question, we don't know, and hence the reason we are here.  If you would like to submit a suggestion or contribute to our Foundation, we definitely want to hear from you.

One idea worth exploring is Deductible Relief,.  Under this approach, high deductibles are offered disadvantages community members with the guarantee of financial assistance to meet the higher deductible when the time arises.  For this assistance, the insured pays a small premium, but significantly more financially advantageous than the alternative.

But there are many more approaches, and we are willing to explore them all.