Crypto moves into Insurance.

[BADecker]

Gradually crypto is finding its way into various areas that fiat dominated. And there seems little that the SEC and other regulatory bodies can do about it.

The good thing is that it is bringing forms of freedom to people.

The bad thing is that it might increase the control of government over crypto... lessen decentralization.


Crypto Life Insurer Anthea Raises $22M to Launch Ethereum-Denominated Policy


https://www.activistpost.com/crypto-life-insurer-anthea-raises-22m-to-launch-ethereum-denominated-policy/
What to know:

Anthea secured a $22 million Series A led by Yunfeng Financial Group.

Funds will launch the first life insurance policy denominated in Ethereum.

Regulatory approval from Bermuda signals growing oversight of crypto insurance.

Anthea, a Bermuda-based crypto life insurer, has raised $22 million in a Series A round led by Yunfeng Financial Group to launch what it calls the world's first life insurance product denominated in Ethereum tokens.

The company, whose goal is to merge life insurance with blockchain technology, said the capital will accelerate product development, expand its footprint across Asia and support ongoing operations as it builds out its crypto-linked insurance platform, according to a press release on Wednesday.

The worlds of cryptocurrency and insurance generally meet when it comes to providing cover for loss or theft of crypto assets held in cold storage custody and the like. But Anthea has recently received in-principle approval from the Bermuda Monetary Authority to offer insurance denominated in digital assets.

The structure of Anthea's policy parallels any traditional life insurance policy, except it's denominated in cryptocurrency, so premiums, claim payments, maturity payouts and loans will all be handled in the policy's cryptocurrency.

The approach also targets crypto investors who want protection without converting their holdings into fiat. The company also plans to integrate blockchain payment systems and explore ways to generate yield from crypto reserves.

"This funding round is more than capital — it's a partnership with investors who share our vision," said CEO Alex Pei, noting that Anthea's backers include experienced players in insurance and fintech.

For instance, Yunfeng Financial Group, which holds licenses from the Hong Kong Securities and Futures Commission, has a controlling stake in MassMutual Insurance, and also holds a long-term insurance license and MPF trustee qualification from the Hong Kong Insurance Authority.
...

[Hispo]

At first glance, I don't see what advantages these kind of companies which try to merge insurance and Blockchain could offer to the average client who wishes to access to a good coverage.
Certainly, the market is dominated by traditional insurance packs which only accept FIAT as a way to get their coverages, if someone wanted to get an insurance, why not simply sell their Ether for dollars and then use those dollars to get an insurance?

What kind of transparency could Blockchains offer to both clients and insurers?
This rather seems to be a solution in search of a problem. Unless there is something I don't fully get yet.

[BADecker]

^^^ Right now I wish I could pay my car insurance by Bitcoin without having to convert it to fiat. But I haven't looked to see if there is any insurance company that would accept Bitcoin payments direct.

The whole thing is the furthering the decentralized movement... getting away from fiat.

[Vheelyn]

At first glance, I don't see what advantages these kind of companies which try to merge insurance and Blockchain could offer to the average client who wishes to access to a good coverage.
Certainly, the market is dominated by traditional insurance packs which only accept FIAT as a way to get their coverages, if someone wanted to get an insurance, why not simply sell their Ether for dollars and then use those dollars to get an insurance?

What kind of transparency could Blockchains offer to both clients and insurers?
This rather seems to be a solution in search of a problem. Unless there is something I don't fully get yet.

This is a solid point, a lot of blockchain insurance projects is struggling. Blockchain can do better by enhancing immutability in claims and reduce the risk of fraud through immutable records. Unless this solves real inefficiencies  and offer low coverage, it becomes a risk that is more hyped than practical evolution.

[Hispo]

^^^ Right now I wish I could pay my car insurance by Bitcoin without having to convert it to fiat. But I haven't looked to see if there is any insurance company that would accept Bitcoin payments direct.

The whole thing is the furthering the decentralized movement... getting away from fiat.

The more options the better, but in my point of view, someone who is looking to invest in Bitcoin in the long term would rather to stack as many Satoshis as possible and not spend them in good and services which could perfectly be paid with paper.
Anyways, it is always see there is more and more adoption in the biggest branches of the economy of the United States and within the European Union.

It would be better if you saved those Satoshis you spend in the insurance of your vehicle and used paper to pay for it, in some years when Bitcoin value is even higher,.you would look back and see how many Satoshis you let go to an insurance company.