There are fut coins three ways that Bought By Many policies can comeabout: the company can create a brand new insurance policy with anunderwriter at Lloyds ofLondon; it can find an insurance company that already has anappropriate policy and negotiate purely on price and, finally, itcan ask an insurance company to tailor an existing policy so itbetter meets the requirements of a particular group.
Currently this is done on a case by case basis, but Mendel toldWired.co.uk that the plan is to build a platform that allows thecompany to post up the requirements of a new niche group and havethe insurance companies bid for the business So far insurance companies have been receptive to Bought ByMany's approaches, however Mendel is keen to point out that a majorchallenge is the fact that the insurance industry moves at a"glacial pace". "It hasn't innovated in a long time because ithasn't needed.