Movee-nsurance

A new product for the Insurance industry that will exploit the success rates of Bollywood movies.

If you are an ardent movie goer like me, you may have experienced the utter frustration while sitting in the theater watching a bad movie. When you leave the hall, your only feeling is having been 'Cheated'. 

A movie goer is actually taking a big bet on what he will receive. 

Well, we can solve this problem partially to the extend of covering the risk of financial loss. The loss of time and emotional distress are more complex to be quantified in monetary aspects.

The idea is simple. When you go to buy a movie ticket, the person in the 'BOX office' also offers you a Movee-nsurance. The insurance is against the fact that you may not enjoy the movie and you will get a 90% refund on the ticket cost, if you do not enjoy it.

Since enjoyment is a subjective matter, it needs to be quantified. Therefore everyone exiting the theather will throw the ticket stub in ranking bins. The bins will be counted and an average rating of the movie will emerge. If the rating of the general public is below 5 on a scale of 10, then the money will be refunded to the purchaser of Movee-nsurance.

The problem now emerges is that, if all the movie goers buy this insurance, they may have a tendency to rank the movie lower than its actual worth so that they will get a refund. Therefore the number of seats that will be insured will be limited. This will ensure a realistic rating.

If the movie is bad, then the premium of the Movee-nsurance will go up in successive shows as more people will demand the product. If the movie is good, then the premium will fall.

The insurance company may deliberately keep the rate very high to dissuade purchase, if it feels the movie is not going to make it. This will indicate to the people that the movie sucks and help them avoid it or may be watch a pirated DVD later for 50bucks.

The refund can be even calculate on a Pro-rata basis of the rating. For example, if the rating is 3 out of 10 then 90% of the 70% (7/10) will be refunded. That is because the viewer enjoyed it at least to 30% extend of the movie.

What this product will mean eventually is that even the people who do not go to a movie due to fear that it wont be good will be goaded to the theaters. The movie business will thrive. The insurance industry will thrive.

The movie goers like us will be compensated for watching bad movies.