If I never claim, is Indie taking all my premiums as profit?
In reality, it doesn’t work that way. Everyone’s premiums go into a ‘pot’ 🍯 and that’s what we use to pay out people who claim. There are 2 reasons why it works this way. One reason is that with Indie you will hopefully be getting a nice, fat Wealth Bonus at the end which should make it all worthwhile 🤑. But the main reason is that insurance works by what’s called "pooling". We chuck everyone's premiums together into a "pool" 🌊, and claims from that group of people are paid from the "pool". This means that if you as an individual never claim, your premiums are still used to pay the claims of those unfortunate clients who did claim. If you think about it for too long, you might realise that insurance is probably the most socialist system on the planet 🌍.