Not having steady employment is a difficult situation to be in. As a team, we've all felt the struggle of being a 1099 contractor or working for a service like Uber, Lyft, TaskRabbit, etc. Illness, injuries, or being let go while not having the safety net with unemployment or worker's compensation traditionally offered to W2's can be devastating.
What it does
Theoretically acting as a pass through bank like Simple, we can take a fee from all deposits as a premium. By doing so, can provide insurance on the average wage earned and payout based on days accrued as a 1/4 of days of deposits made.
How I built it
Using the Capital One API as a basis for what a "bank" could be. We added a layer with Elixir on top of the API itself to provide for the calculations for the platform itself. We used React Native for the customer to interact with the bank.
Challenges I ran into
Before we came to this idea, we constantly pivoted until late Saturday night which gave us very little time to develop. We had to work through the product viability which included legal and logistical hurdles we had to cross.
Accomplishments that we're proud of
We pivoted 7 times and managed to build something despite only having a few hours left.
What we learned
The viability of an idea is beyond just technology. The contractor/"gig economy" is a growing, vulnerable segment of the workforce that's not slowing down.
What's next for Reassurance
Learning more about the insurance cost calculations to make the model more robust. Reaching out to banks to see who could act as the backing bank.