Life Insurance and Blockchain

[Wapfika]

Picture above stated the importance of Life Insurance.
Is Life Insurance also matters to you??

We all know that some Non Life Insurance Companies already did many blockchain based products or program in the past and still creating.
(Reference on some nonlife Crypto based companies: https://builtin.com/blockchain/blockchain-insurance-companies).

But this is about Life Insurance,
I am wondering if having Life Insurance is common to everyone in your country especially at this time of pandemic and if there are already users here who have known or tried some Life Insurance companies that are offering cypto-related product or program.

In some countries, there are already news of Life and Health Insurance companies who accepts cryptocurrency or are announcing of accepting cryptocurrencies as payment, some are the known companies:

• Allianz (Reference: https://www.forbes.com/sites/benjaminpirus/2019/08/08/allianz-among-the-latest-entrants-into-token-based-payment-space-development/#5f1bcece5c5e)
• INGUARD (Reference: https://www.inguard.com/newsroom/why-inguard-was-the-first-insurance-company-to-accept-bitcoin-and-why-the-answer-might-surprise-you/)

while,

• Max Life Insurance Co. Ltd announced a startup accelerator programme which will also include Blockchain in their program.
  (https://www.livemint.com/companies/news/max-life-insurance-launches-max-life-innovation-labs-1566299969412.html , https://www.maxlifeinsurance.com/blog/life-insurance/blockchain-and-bitcoin-the-future-of-insurance)

and ,

• Metlife who already did a blockchain platform that relates to Life Insurance.
  Metlife already have a mobile app called Vitana, that utilized Ethereum to pay out claims to expectant mothers who contracted gestational diabetes.
  they are also planning to create "LifeChain" a technology based that will benefit bereaved families, MetLife’s Singapore-based incubator LumenLab is collaborating with Singapore Press Holdings (SPH) and NTUC Income (Income) on a platform of smart contracts known as ‘Lifechain’ to help loved ones quickly determine if the deceased was protected with a policy and automatically file a claim.
  (Reference: (https://www.forbes.com/sites/stevenehrlich/2019/06/19/metlife-plans-to-disrupt-2-7-trillion-life-insurance-industry-using-ethereum-blockchain/#363370cc2770))

The Key Benefits that this Companies mentioned above are the ff:

1. Fast Claim Processing
In insurance, blockchain can simplify claims processing for the nominee. Once the insurer verifies the claim, it will be recorded on blockchain to trigger the right contract execution.

2. Instant Fund Disbursement
The interaction between insurers and policyholders will become more direct during the claim process. With technology advancement backed by blockchain, insurers will be able to transfer claim proceeds directly into customers’ digital wallets.

3.Help in Fraud Detection
As, a decentralized public ledger, it provides historical data that will help insurers to detect fraudulent activities will help to validate the authenticity of claims, customers and the transactions.

4. Reduce Administrative Cost
Blockchain automated verification of policyholder identity will reduce administrative cost.

5. Ensure Transparency
The blockchain platform can generate new data streams that will provide updated and relevant information for speedier claims processing.

6. Improve Data Quality
Blockchain will improve the data quality of front-end and back-end office sources.


If they will all be successful in developing and implementing their plans, this can be a game changer in different Life Insurance companies.

Six blockchain use cases for health and life insurance companies

Moving towards interoperable, comprehensive health records
The added security and ability to establish trust between entities are two reasons why this technology can help solve the interoperability problem better than today’s existing technologies.

Supporting administrative and strategic imperatives with smart contracts
Blockchain could automatically collect records of agreements, transactions, and other valuable information sets, then link together the information and act on the data using smart contracts.

Detecting fraud more effectively
When fraudulent information is submitted to a life or health insurer via false claims, falsified applications, or other channels, smart contracts can help determine if the submission is indeed valid.

Improving provider directory accuracy
Unique provider directories could leverage the technology’s decentralized consensus protocols to allow providers and insurers to update listings more quickly and easily.

Simplifying the application process by making it more client-centric
Providing an easier-to-access, more comprehensive set of medical records on a blockchain could infuse comfort and peace of mind into what, for many, is now an intrusive and often discouraging application process.


Facilitating a dynamic insurer/client relationship
Electronic health records securely stored on a smart contract could be the foundation for integrating a wide variety of wellness-related behaviors into the insurer/client dynamic.

Source: https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html

Note: I'm not part of any companies stated above,  I'm just a believer of Life Insurance importance especially this time of pandemic (just make sure you did you're research about the company you will buy your plan) and I'm also a crypto-user for quite a long time, searching whether this two can collaborate.

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[Wapfika]

In my opinion, none of these benefit more from using a block chain than from using a traditional, or perhaps distributed, database. This is just another example of a company trying to promote itself by pumping the block chain hype.

Thank you so much for your opinion, I'm always open for opinion and comments as I also want to know others thought in Life insurance and how it can be connected in blockchain.

There is a project named Defi Insurance, while life insurance is not commonly mentioned in the DeFi community, the idea here is that from wallet insurance to smart contract insurance. There is comfort of knowing that your money and details are protected. The transparency and trustless nature of decentralized networks like in DeFi is pertaining the fit to disrupt the incumbent industry. In the end, decentralized insurance protocols will democratize the power of insurance and return to its historic roots of acting as society’s safety net.

And as a Financial Advisor in my country, I see it as a good advantage to have a decentralised platform to let those who didn't believe in Life Insurance to give it a chance, since there is no middlemen who will interfere on application to claiming the benefits, that will show transparency to everyone.

[davis196]

I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.
I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.

[carter34]

I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.

Insurance cases and prove are usually difficult and fraudulent too. ome insurance companies would look for ways not to pay and also clients too conceal certain reality.
surely blockchain can't handle this aspect of human life but as for the payment through crypto and blockchain, that is possible.

[Mauser]

I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.
I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.

I agree, signing up new insurances at the moment seems rather difficult. If you work in an high risk area and want to do something good for your family a life insurance seems like a good deal. But for the average worker or unemployed due to the recession. I don't see any value in such insurances. You are better off saving the money you have at the moment outright. Let's say you or a family member becomes sick and you need money - the life insurance wouldn't help out since no one died yet. Better to have the money in your own pocket and you are free to choose how to spend it.

[Nhor1011]

I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.
I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.

I agree, signing up new insurances at the moment seems rather difficult. If you work in an high risk area and want to do something good for your family a life insurance seems like a good deal. But for the average worker or unemployed due to the recession. I don't see any value in such insurances. You are better off saving the money you have at the moment outright. Let's say you or a family member becomes sick and you need money - the life insurance wouldn't help out since no one died yet. Better to have the money in your own pocket and you are free to choose how to spend it.

I do agree with you,sometimes insurances can't help in you immediately unless if the issue is death. That's the reality because my brother also tried to get insurance but he is disappointed because they also changed the rules after he finish his payment.

[audaciousbeing]

Op have rightly outlined the benefits of Insurance and at the same time showed the new entrants into the tokenisation of both premium and payouts from the insurance companies. I see this as a great development because it's shows that insurance companies are just moving away from their traditional role to be engaged in research and development at the same time integrating current technologies into their activities which is commendable.

I also see it as a long way down the road in the sense that insurance companies relies on the numbers and this would benefit the big insurance companies at the expense of the not so big couple with countries that their infrastructures are still behind in development to meet current trends.

[minairia3]

It will help the process but using fiat or even cryptocurrency as payment for life insurance will not change its state. Let say they used blockchain to have a convenient payment system. Then what? How does life insurance will benefit out of it? Its not like you can save discount or get a cheap life insurance if you pay for crypto. What they will improve is the system but not the value of any life insurance.

Im not against also in the implementation but surely this business will go down for a while due to people's need and rather than buying package for insurance, I will save up for food. Its like covid19 hit this business after all.

[Ucy]

I am interested in such insurance businesses. I haven't really seen or searched for any recently... Some things need to be put in place in the cryptocurrency world for me to show serious interest again.
I'd prefer insurance companies that  are well decentralized and non-custodial. I should be able to control my funds/private-keys and not the insurance companies. Perhaps, my fund should be locked in company's decentralized smart contract that can only be released to me, (not to the company or any unauthorized persons) when agreements contained in the contract are fulfilled after decentralized automated/manual verifications.

[Coin_trader]

I am interested in such insurance businesses. I haven't really seen or searched for any recently... Some things need to be put in place in the cryptocurrency world for me to show serious interest again.
I'd prefer insurance companies that  are well decentralized and non-custodial. I should be able to control my funds/private-keys and not the insurance companies. Perhaps, my fund should be locked in company's decentralized smart contract that can only be released to me, (not to the company or any unauthorized persons) when agreements contained in the contract are fulfilled after decentralized automated/manual verifications.

Finally, A very good input about implementation of blockchain to insurance industry. Actually this is what I'm thinking too. I have life insurance and VUL(Valuable Unit Link) since I have a job after I graduated in college and got my degree. I still not comfortable about my insurance because there is a risk that insurance company will faced bankruptcy in the future and obviously my insurance will be gone.

Implementing smart contract and blockchain will give us freedom about potential risk that I mention above and at the same. It will be more convinient for me to pay my monthly premium using cryptocurrency because it will give me saving on convertion fee from crypto to fiat. DeFi project are really a game changer in crypto space.

[Ucy]

I am interested in such insurance businesses. I haven't really seen or searched for any recently... Some things need to be put in place in the cryptocurrency world for me to show serious interest again.
I'd prefer insurance companies that  are well decentralized and non-custodial. I should be able to control my funds/private-keys and not the insurance companies. Perhaps, my fund should be locked in company's decentralized smart contract that can only be released to me, (not to the company or any unauthorized persons) when agreements contained in the contract are fulfilled after decentralized automated/manual verifications.

In this case, future policy or rule changes by a decentralized company should not affect customers fund without their consent... Stakeholders, customers, participants should consent to the new rules or policies. If they are not available for certain period of time to consent after getting notified, then their funds may be temporarily stopped from the scheme but with all benefits already accrued to them paid.    This is atleast more tolerable than having your funds siezed by centralized platforms for not meeting certain new requirements

[Wapfika]

I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.
I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.

Sometimes the reason why people didn't want to have insurance is because of the humans who are assigned in claiming, some beneficiaries didn't get the claim since the investigator might oversee. However, if the blockchain will be implemented and it will be put in a contracts along the details from the government, the police reports, hospital details, accidents issue will be indicated there and will be validated by both parties.
In case in my country the Insurance penetration rate in the country due to covid is relatively low because only few yet have policies and mostly who are infected didn't have insurance to claim,but I agree recession will affect the insurance companies in terms that some insured were not be able to pay so lucky those who finish paying their total insurance plans before this Pandemic.

[Kelvinid]

People don't really want life insurance, a sad reality. And this is likely to see that Life Insurance companies integration to blockchain and accept crypto for payment is less possible with that case.

A lot of reason why people don't push themselves and get interested in life insurance,

*delays( mostly it takes months to process depending on the situation)
*many don't care about their future but to rely what they have now
*Some companies don't give what they have promised that it affects people to think that they are all the same.
*negative feedback

[Natalim]

I am hoping to avail this kind of insurance in the future, it's my first time to know it as I wasn't really looking for an insurance now.
But, for transparency sake, I think insurance using the blockchain provide that to us, and if it's easy to claim and to avail it, this should grow and gain massive adoption in the future, it looks like the world is about to change already, from centralized to now decentralized.

[shoreno]

I am hoping to avail this kind of insurance in the future, it's my first time to know it as I wasn't really looking for an insurance now.
But, for transparency sake, I think insurance using the blockchain provide that to us, and if it's easy to claim and to avail it, this should grow and gain massive adoption in the future, it looks like the world is about to change already, from centralized to now decentralized.

if you didnt see this post , you wont know the benefits of insurances right ? but now that you know ,  why make such excuse ?  . we wont know if how long we will live in this world so its better that we started a plan like this as early as possible . in that way our funds already grewed alot and we dont need to worry for ourselves or to the people that we will be leaving  . also we cant say that world is changing from centralized to decentralized just because of this but its too early for those  .  majority of businesses like this are still operating on a classic technology

[Wapfika]

I am hoping to avail this kind of insurance in the future, it's my first time to know it as I wasn't really looking for an insurance now.
But, for transparency sake, I think insurance using the blockchain provide that to us, and if it's easy to claim and to avail it, this should grow and gain massive adoption in the future, it looks like the world is about to change already, from centralized to now decentralized.

if you didnt see this post , you wont know the benefits of insurances right ? but now that you know ,  why make such excuse ?  . we wont know if how long we will live in this world so its better that we started a plan like this as early as possible . in that way our funds already grewed alot and we dont need to worry for ourselves or to the people that we will be leaving  . also we cant say that world is changing from centralized to decentralized just because of this but its too early for those  .  majority of businesses like this are still operating on a classic technology

Yes, having life insurance if we still have means to pay it now should be a priority especially this time of Covid, if you still have job and thinks it will not be part of recession as well you have families that depends on you, then Life Insurance is a must. The investment portion in some VUL plans are just bonus that will help us to invest in future plans we wanted thru compound interest. The main reason is Having health and life insurance now at these Pandemic can help us if ever we got infected which we hope not but it's better to have it policies, than look for it when we can't no longer be accepted.

The development in insurance getting into decentralised platform will take time and will only be possible if the people in a country is aiming to have it.

[mu_enrico]

AFAIK, life insurance isn't a form of investment but a hedge because users cannot get rich from joining some insurance products. Anyways, I'm not a fan of mixing (1) protection with (2) investment or called unit-linked insurance plan. Usually, insurance companies delegate the investment fund into fund managers. This scenario often leads to inefficiency (too many fees) and mismanagement. Insurance companies should be specialized in protection or insurance policy (only).

About crypto usage in this topic, I have no comment since I'm skeptical about the "blockchain and not bitcoin" things.

[erikoy]

AFAIK, life insurance isn't a form of investment but a hedge because users cannot get rich from joining some insurance products. Anyways, I'm not a fan of mixing (1) protection with (2) investment or called unit-linked insurance plan. Usually, insurance companies delegate the investment fund into fund managers. This scenario often leads to inefficiency (too many fees) and mismanagement. Insurance companies should be specialized in protection or insurance policy (only).

About crypto usage in this topic, I have no comment since I'm skeptical about the "blockchain and not bitcoin" things.

Well others think that insurance is an investment where one can keep their money in them and over time one can be paid with interest and has the benefits also when one joins like the health benefit expenses if a member will get hospitalized and more.

It is true that this is not an investment but some of those hose who invite always says that this is an investment and the gains/profit will be in the future. This is how really difficult to understan an insurance/investment.

[mu_enrico]

Well others think that insurance is an investment where one can keep their money in them and over time one can be paid with interest and has the benefits also when one joins like the health benefit expenses if a member will get hospitalized and more.

It is true that this is not an investment but some of those hose who invite always says that this is an investment and the gains/profit will be in the future. This is how really difficult to understan an insurance/investment.

Dude, insurance doesn't have "interests." You pay a premium to get some type of protection (it can be life, health, property, etc.). That's it.

The problem with unit-linked insurance products is, you are also paying for the fund managers' fees while it isn't scientifically proven that they can beat/time the market.

For example, unit-linked life insurance costs $4,500/year: the premium costs $3,000/year, and the investment plan costs $1,500/year with (x% management fees + x% buy/sell charge). Why don't you put $1,500/year into something else that costs you nothing? e.g., Bitcoin, or self-managed stocks. Some exchanges still give you 0% trading fees if you do limit order.

[bearexin]

I see a lot of companies that are doing as much as possible to use the Blockchain and improve in a lot of ways. But as the second comment have pointed out, there is really nothing interesting in all these things that they mention.

If they are going to talk about making payments, I don’t know for other countries, but Bitcoin wouldn’t be the fastest option, and other cryptocurrencies wouldn’t be as fast as well since you’re still going to have to move that money to your bank account, so why don’t they just send that money to the bank then, than letting you pay extra fees for confirmation while selling your cryptocurrency to get it in your bank? I don’t know for other people, but I don’t look much into these things, they don’t bother me much.

[Beparanf]

I see a lot of companies that are doing as much as possible to use the Blockchain and improve in a lot of ways. But as the second comment have pointed out, there is really nothing interesting in all these things that they mention.

If they are going to talk about making payments, I don’t know for other countries, but Bitcoin wouldn’t be the fastest option, and other cryptocurrencies wouldn’t be as fast as well since you’re still going to have to move that money to your bank account, so why don’t they just send that money to the bank then, than letting you pay extra fees for confirmation while selling your cryptocurrency to get it in your bank? I don’t know for other people, but I don’t look much into these things, they don’t bother me much.

Not only about in payment but also OP mentioned plans of companies in using blockchain. I see the advantage of automatic detection that once you were put Deceased in the government record, will also detect whether that person have existing insurance and your family wil let you know this. We see some applications form insurance in my father's document but not the main policy contract and details about his agent, so we don't know if my father really avails policy before, up to now we still didn't process it since there are many requirements, if goods if it will be decentralised. even it will not affect much the price of cryptocurrencies.

[mezzaluna]

The Key Benefits that this Companies mentioned above are the ff:

1. Fast Claim Processing
In insurance, blockchain can simplify claims processing for the nominee. Once the insurer verifies the claim, it will be recorded on blockchain to trigger the right contract execution.

2. Instant Fund Disbursement
The interaction between insurers and policyholders will become more direct during the claim process. With technology advancement backed by blockchain, insurers will be able to transfer claim proceeds directly into customers’ digital wallets.

3.Help in Fraud Detection
As, a decentralized public ledger, it provides historical data that will help insurers to detect fraudulent activities will help to validate the authenticity of claims, customers and the transactions.

4. Reduce Administrative Cost
Blockchain automated verification of policyholder identity will reduce administrative cost.

5. Ensure Transparency
The blockchain platform can generate new data streams that will provide updated and relevant information for speedier claims processing.

6. Improve Data Quality
Blockchain will improve the data quality of front-end and back-end office sources.


If they will all be successful in developing and implementing their plans, this can be a game changer in different Life Insurance companies.

These are really good points to consider because you are investing on that you can use in the long run and not just any platforms that promotes other things like entertainment. Life insurances must be backed by a really good information since they are investing for their lives. People wont easily trust that just because its Cryptocurrency. They need assurance that they can really use when they really need it.

[Wapfika]

These are really good points to consider because you are investing on that you can use in the long run and not just any platforms that promotes other things like entertainment. Life insurances must be backed by a really good information since they are investing for their lives. People wont easily trust that just because its Cryptocurrency. They need assurance that they can really use when they really need it.

Yes, insurance companies should think out of the box to protect lives of people not just to get money from people. That's why there is a need for people to understand the use of blockchain and how it can show transparency, but there is a need for cooperation of many government agencies to make it happen like what MetLife plans that it will be process in a way that it will be recorded in government files may it be a claim for hospitalization, illness, accident or death. There will be no investigator in between that may deny the claim but only those in hospital, police and the documents section were it might posted deceased needs to be encode to verify the claim. It's somehow far impossible in the moment as many didn't know yet blockchain or cryptocurrency but also didn't want the idea of life insurance.

[erikoy]

The above points are much more helpful in ensuring the benefits of blockchain technology By verifying these we will be able to manage the insurance side better Crypto is a good platform for long-term investments. They are more prone to fraud in insurance There is no long-term guarantee The customer is much harmed But in the case of crypto there is a lot to believe that even if the price goes down it will go up again.

Both are risky actually but insurance also offers good benefits like if being a member can use the medical benefits, travel benefits or other ways that an insurance surely offer. In most cases it is medical insurance because many are aware that it is costly getting sick nowadays. Hospitalization is one of the highest expenses that one may spend.

In regards to crypto this may beat up inflation rate as it seems that time passes by coin market price goes along with it too increasing its market price though still risk is present because it can go either way up or down in terms of market price.

[jseverson]

I actually am a fan of life insurance, and would suggest that people avail of it if they can. I do have concerns of where blockchain technology comes into play here though.

1. Fast Claim Processing
In insurance, blockchain can simplify claims processing for the nominee. Once the insurer verifies the claim, it will be recorded on blockchain to trigger the right contract execution.

Is it really this simple? Insurers are going to conduct their own investigations into claims to prevent fraud regardless, so I'm not sure how a blockchain will speed up the process. Their existing private systems should process things just as quickly after verification.

3.Help in Fraud Detection
As, a decentralized public ledger, it provides historical data that will help insurers to detect fraudulent activities will help to validate the authenticity of claims, customers and the transactions.

What kind of info will they be keeping on the blockchain? What kind of fraudulent activities will have to be monitored here? I could only come up with health records off the top of my head, and I'm pretty sure it's illegal and unethical to publicize that information. I'm not sure how I feel about everyone potentially knowing about my insurance claims either.

Some other users have already pointed it out, but it kinda feels like a gimmick.

[Naida_BR]

Life insurances is one of the most profitable sector in the global economy.
However, I don't think that it can work inside a blockchain. It needs an ecosystem with physical control so this way it will be centralized and it will not have any difference from the traditional life insurance sector.

[ene1980]

1. Fast Claim Processing
In insurance, blockchain can simplify claims processing for the nominee. Once the insurer verifies the claim, it will be recorded on blockchain to trigger the right contract execution.

Introducing a blockchain will not change the verification process as it will be done manually and you are bound to get the right contract execution irrespective of blockchain.

2. Instant Fund Disbursement
The interaction between insurers and policyholders will become more direct during the claim process. With technology advancement backed by blockchain, insurers will be able to transfer claim proceeds directly into customers’ digital wallets.

Even now it s transferred in customers bank wallet, i do no want to see a situation where every company starts their own token because it defeats the purpose of bitcoin.

The only thing that will improve is the data quality but if they are using their own blockchain then there is no security on that aspect too as they can manipulate the data if they are the central authority powering the blockchain.

[target]

Its not that simple. When it comes to life insurance, authorities are always going to be involved because verifying the truth of information is needed.  There will always be an investigation, the insurance company won't just take your report just because its what you report to them. 

Life Insurance in the blockchain is hard to achieve. The project will just add more fraud in the industry if its not coordinated with authorities, projects like this don't have to be decentralized.

[Wapfika]

Its not that simple. When it comes to life insurance, authorities are always going to be involved because verifying the truth of information is needed.  There will always be an investigation, the insurance company won't just take your report just because its what you report to them. 

Life Insurance in the blockchain is hard to achieve. The project will just add more fraud in the industry if its not coordinated with authorities, projects like this don't have to be decentralized.

It will not really be easy and there is a need for coordination between different government agencies. It will only be possible in some countries who are open for adoption of blockchain since this will require their government datas, to show transparency and coordinated verification of the claims. If the government will let this happen, the system will verify the claims as it will detect the database of hospitals, police records and records of death. Only advance countries and big insurance company can make it possible in the future.

[serjent05]

Sounds like an agenda to me.  It does not increase the benefits of the client investing on the Life Insurance.  All those stated benefits/enhancement can be done even without the use of Blockchain technology/cryptocurrency.  All in all, the idea is about riding the trend of the blockchain technology just to produce hype or cater interest to the client.  

[Shasha80]

If you are just ordinary workers do not face the risk of death. You should avoid joining life insurance, because it is less useful you will
continue to pay the insurance premium. Without getting benefits in the short term, it's better money to pay for insurance used to invest
in cryptocurrency is much more feels the benefits. Regarding life insurance, right now can received payment for contributions with crypto,
which is pretty good news in my opinion.Cryptocurrency has begun to be adopted by life insurance, hopefully cryptocurrency is adopted
by other fields as well.

[rodskee]

The Key Benefits that this Companies mentioned above are the ff:

3.Help in Fraud Detection
As, a decentralized public ledger, it provides historical data that will help insurers to detect fraudulent activities will help to validate the authenticity of claims, customers and the transactions.

This one is really important as history from this kind of investment business,
there's chances that inside job might take place
With the  help of blockchain and decentralized system the act can easily be
detected as mentioned.
It will change the perceptions of those investors who will fully understand the
desire of this new system,
Looking forward that it will properly executed and this form of investment
will proceed to successions.

[Natalim]

I am hoping to avail this kind of insurance in the future, it's my first time to know it as I wasn't really looking for an insurance now.
But, for transparency sake, I think insurance using the blockchain provide that to us, and if it's easy to claim and to avail it, this should grow and gain massive adoption in the future, it looks like the world is about to change already, from centralized to now decentralized.

if you didnt see this post , you wont know the benefits of insurances right ?

NO

but now that you know ,  why make such excuse ?  

and NO, because you don't get my point.

Just to clarify, I know what insurance is, but I am new to the insurance in the blcokchain, in fact I have been working in several companies and our company provide us with life insurance, but it's different in blockchain compared to the world outside, and that's why I say it's more transparent here as you can see the transaction online easily and all necessary information can be access anytime.

[btcltcdigger]

Ok, so you take out life insurance and pay in crypto, lets say BTC for argument sake.

With BTC increase in price, would your base insurance also increase? Or is it just a conversion from BTC to fiat?
Additionally, lets say you claim the insurance for whatever reason, you get paid in fiat or crypto?

I think these are 2 important questions that these models need to address.

[Harriti]

This is also one of the pretty good methods of insurance companies now. There have been a lot of problems going on in losing customer information and causing the client's insurance investment to be lost. Blockchain technology will solve this problem and all transaction information will be recorded. This is a very good strategy and insurance companies will also get BTC or top coins at good prices.

[Wapfika]

and NO, because you don't get my point.

Just to clarify, I know what insurance is, but I am new to the insurance in the blcokchain, in fact I have been working in several companies and our company provide us with life insurance, but it's different in blockchain compared to the world outside, and that's why I say it's more transparent here as you can see the transaction online easily and all necessary information can be access anytime.

If many companies will adopt and the government will cooperate it can be possible, BTW its better to have personal insurance, since some company insurance companies were only active as long as you're working in that company and it's only limited with some coverage. But you're indeed lucky that you have company who insured their employees some didn't provide even now that there is a need for protection for everyone.

[Natalim]

and NO, because you don't get my point.

Just to clarify, I know what insurance is, but I am new to the insurance in the blcokchain, in fact I have been working in several companies and our company provide us with life insurance, but it's different in blockchain compared to the world outside, and that's why I say it's more transparent here as you can see the transaction online easily and all necessary information can be access anytime.

If many companies will adopt and the government will cooperate it can be possible, BTW its better to have personal insurance, since some company insurance companies were only active as long as you're working in that company and it's only limited with some coverage. But you're indeed lucky that you have company who insured their employees some didn't provide even now that there is a need for protection for everyone.

That was before, but honestly, I am not really reading the insurance policy since it's free and its for everyone, it's different when you are the one paying as you will look for the best insurance with the cheapest you can get. Blockchain insurance could be the future, but as of now, I think I'd stick with the traditional one until more people will start adopting in our country.

[wxxyrqa]

I believe that life insurance with the use of cryptocurrency is of the same nature as the use of cryptocurrency to buy goods or pay bills. thus, it is possible to pay premiums for insurance not only of life, but also of valuable things, including movable and immovable property. but since each country has its own government policy, which is not always loyal to its people, insurance companies there very rarely respect consumer rights. Although if you take, for example, in the United States, then without insurance you won't even get basic medical care.

[el kaka22]

Insurance companies have one way to make money, they get money from you, use it for investment and probably make a profit, and hope that you do not require the insurance that quickly back and when you do need it back, they will try to challenge you on everything to pay you as little as possible.

Insurance companies are the biggest scams in the world, they do not worth the money you are putting in to them most of the time because if it was worth it, you would have done it yourself, you could have invest, you could have paid, but in the end you would have profited more. Why do they exist and people use it?

Because people want some sort of knowledge about being insured to feel at ease, plus in some countries some insurances are even forced so you have to do it. It is just not a good business model for the customer at all. I hope they stay away from everything in crypto world.

[Findingnemo]

Investing in Life Insurance company is simply wasting your money to be honest, Just invest on health insurance which is offered by the government itself so you need to invest on assets not something which gives you back after our life. When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

[Shimmiry]

Investing in Life Insurance company is simply wasting your money to be honest, Just invest on health insurance which is offered by the government itself so you need to invest on assets not something which gives you back after our life. When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

I think both health insurance and life insurance are both useful to your life and your family because life insurance is just a way to help your family financially when you die. In contrast, health insurance is a coverage that will help you pay for medical and surgical expenses that are insured. So if you are investing your money for both of your life and health insurance, it could be useful because you don't need to worry if there will be an emergency will happen in your life.

[Findingnemo]

Investing in Life Insurance company is simply wasting your money to be honest, Just invest on health insurance which is offered by the government itself so you need to invest on assets not something which gives you back after our life. When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

I think both health insurance and life insurance are both useful to your life and your family because life insurance is just a way to help your family financially when you die. In contrast, health insurance is a coverage that will help you pay for medical and surgical expenses that are insured. So if you are investing your money for both of your life and health insurance, it could be useful because you don't need to worry if there will be an emergency will happen in your life.

In my personal experience life insurance is just useless money spend because we are not going to make any profits from it but medical insurance is different we can actually get lot of benefits from it in our life on many occasions.Even if you have life insurance there is kot of difficulty while claiming that so I never preferred it for my family.

[Wapfika]

In my personal experience life insurance is just useless money spend because we are not going to make any profits from it but medical insurance is different we can actually get lot of benefits from it in our life on many occasions.Even if you have life insurance there is kot of difficulty while claiming that so I never preferred it for my family.

Yes, There'll be a need for many papers to claim the benefits and a proper investigation, but since I have seen many claim story in some insurance I can say it will depend on what company you buy your policy.  I have heard many who is able to claim money and been able to use to continue their family living.That's why we hope at least there is a need for advance used of technology to adopt blockchain for transparency in terms of documenting and investigating to avoid denial of some claims.

[MCobian]

Investing in life insurance is not a good choice to take, because the benefits are not as promising as investing in gold, stock or crypto.
And related life insurance claims are also very complicated, there must be several documents that are met. Can be seen from the life
insurance company's customer data continues to decline, this is proof of life insurance is not a good investment. Then if investing in life
insurance decide using crypto is a good step, the more life insurance payment options can make life insurance users comfortable. But it
will not make new users interested join life insurance.

[Natalim]

Investing in Life Insurance company is simply wasting your money to be honest, Just invest on health insurance which is offered by the government itself so you need to invest on assets not something which gives you back after our life.

Maybe that is your view on that matter, but people who avail on life insurance think it's not wasting money, it's a way to secured the family they will left when they pass away. I don't even call that investing as you will not benefit when you die, it's the people you left or your beneficiaries.

When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

True that, but majority of us are just employees, we don't have a lot of money, we rely on our job so we need this kind of security.

[Findingnemo]

When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

True that, but majority of us are just employees, we don't have a lot of money, we rely on our job so we need this kind of security.

In reality these kind of investments keep most of the people in the middle class limit so they need to rely on every pay check to run their family and willing to spend money for something which might helps if we are no more.

[erikoy]

When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

True that, but majority of us are just employees, we don't have a lot of money, we rely on our job so we need this kind of security.

In reality these kind of investments keep most of the people in the middle class limit so they need to rely on every pay check to run their family and willing to spend money for something which might helps if we are no more.

Probably yes and most of us here probably an average income earners. I am interested in insurance actually especially in health insurance with claims and benefits for patronizing it over a period of time But then, I was doscourage by my co-worker due to the fact that some of the insurance company will change their name after the collection of money and then run away. I had seen most of them bringing good names of insurance company internationally but still they could be fake and just claim that they are part of that big insurance company.

[alani123]

There had been occasions where I was forced to have a life insurance over a short period of time. Frankly when you're too young most of the insurance companies won't even recommend you a long term plan unless you include savings with it. Which if you ask me is quite odd. Why not save on your own or just start a plain savings program. So no, due to my age, I've never considered a normal life insurance program.

But even if I were to consider one, I don't think I'd care if a company accepted BTC for it. It seems like huge logistical trouble for a big company to handle BTC payments (due to bureaucracy mostly) for it to be worth it. On the contrary, on the user level, it would be much simpler to convert BTC to FIAT. Personally I would just look for the best price in terms of USD value. Charging in BTC might ask for a price difference anyway to cover costs. Long term that doesn't seem convenient.

Also by paying life insurance, you lose your anonymity. So paying with BTC doesn't add much benefit.

[shoreno]

When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

True that, but majority of us are just employees, we don't have a lot of money, we rely on our job so we need this kind of security.

In reality these kind of investments keep most of the people in the middle class limit so they need to rely on every pay check to run their family and willing to spend money for something which might helps if we are no more.

Probably yes and most of us here probably an average income earners. I am interested in insurance actually especially in health insurance with claims and benefits for patronizing it over a period of time But then, I was doscourage by my co-worker due to the fact that some of the insurance company will change their name after the collection of money and then run away. I had seen most of them bringing good names of insurance company internationally but still they could be fake and just claim that they are part of that big insurance company.

changing the company name is okay but they should give notice  and the funds should be there  . i think i saw many companies before changed thier name but they are legit and operating till now . you shouldnt get discrouaged because of that because insurance is verry useful espcially to the person like us that arent that wealthy enough  and btw i think i saw a crypto wallet where you can pay insurances via crypto  but i think they are no involvement with the blockchain system yet

[danggoron]

-
Also by paying life insurance, you lose your anonymity. So paying with BTC doesn't add much benefit.

One purpose of using insurance is to provide funds for emergency needs or dreams in the future, right? IMO, using insurance in cryptocurrency is a very big risk. We know that cryptocurrency is very volatile, so do you insure your valuable property with it? That is not a wise choice.
It's better to insure your valuables with an official and state-recognized company, it makes it easier for you to make a claim and maintain its security of course.

[Rengga Jati]

Life insurance, actually, this is a thing that I mostly want to avoid. I know that life insurance is important, for insuring our life of course. Because we don't know what will happen to us and our family and we need certain life insurance. But, what happens in life insurance in my country seems to make me not interested in certain kinds of life insurance, moreover global insurance, it is about trust and eaisness for claim. Probably it is not because of the life insurance that is bad, but the system and also the sales or customer services that do not be honest when offering this insurance. many users are deceived with very legit insurance profits, but in fact they are gone when they are resigning and nobody can help the users. The users lost most money after paying for years and they cannot claim for it or use it easily as what said by the customer services. And they are only victims without any repayment. this may not for all insurance company, but I will better to aovid this.

However, if the use of blockchain tehcnoogy can support the insurance system to be more reliable, easier, and also really beneficial without any fraud, I think it can be. But, how to ensure the users about this when they are really new ith this blockchain technology? Moroever, it should be also certain training to the employees about this technology and system so that they explain the rigth to the customers.

[Findingnemo]

When you have lot of money which you got from your investments you won't actually need a life insurance to take care of your family.

True that, but majority of us are just employees, we don't have a lot of money, we rely on our job so we need this kind of security.

In reality these kind of investments keep most of the people in the middle class limit so they need to rely on every pay check to run their family and willing to spend money for something which might helps if we are no more.

Probably yes and most of us here probably an average income earners. I am interested in insurance actually especially in health insurance with claims and benefits for patronizing it over a period of time But then, I was doscourage by my co-worker due to the fact that some of the insurance company will change their name after the collection of money and then run away. I had seen most of them bringing good names of insurance company internationally but still they could be fake and just claim that they are part of that big insurance company.

Health insurance is must but in most of the developing countries insurance is one of the biggest scam because they will collect premium amount yearly but in case of medical emergencies most of the time their answer will be it won't be covered under this scheme.So take the health insurance only after reading their benefits or ask for someone who can guide you which one is the best to take.

[hatshepsut93]

Lmao imagine paying for life insurance with crypto, then one day you die, but the price of a coin dropped by 90% compared to the time of purchase, so your family barely gets anything. Of course there can be the opposite scenario where the price goes to the moon, but the whole point of insurance is to deal with the risks, and crypto is the opposite of it - it is a highly risky investment instrument.

[sunno330]

Insurance always don't support you . Insurance is the future investment and it is also make deposit your money. money management in crypto it is not easy .I recommend to invest on medical purpose of insurance they will more support you.but life insurance I can't recommend you.

[verita1]

A life insurance that is based on Blockchain can be useful for our community just now. On the one hand we feel optimistic that we are digitizing the industry to improve services. Because due to the crisis to access these services it would be faster and more efficient with the blockchain implement.

[yhiaali3]

Life insurance is very important, especially at this time with the spread of Corona virus around the world and the death of hundreds of thousands of people as a result of this epidemic. Of course, the situation has become dangerous and the life of every human being is threatened at any moment. Therefore, life insurance has become a major necessity now.
Unfortunately, this culture is not widespread here in my country, in a country where wars and famine are widespread and hundreds of people die or killed daily. This is not a big problem for the government or the insurance company. What is the difference if another one dies?

[Wapfika]

Life insurance is very important, especially at this time with the spread of Corona virus around the world and the death of hundreds of thousands of people as a result of this epidemic. Of course, the situation has become dangerous and the life of every human being is threatened at any moment. Therefore, life insurance has become a major necessity now.
Unfortunately, this culture is not widespread here in my country, in a country where wars and famine are widespread and hundreds of people die or killed daily. This is not a big problem for the government or the insurance company. What is the difference if another one dies?

Dying seems normal in these days, but we must survive can be with the help of our claims from health insurance  or the people who might left here must survive, and the Life Insurance can help us. As long as we know the company we buy our policies as well depending on how the government treats their people we should prioritise having insurance especially this time of Covid.

[ChiBitCTy]

I work in the financial space and life insurance has been a product I've worked a lot with as well as am quite familiar of the ins and outs.  I had no idea that these companies offered life insurance via bitcoin/cryptocurrency.  These are pretty solid companies as well. At least Allianz and MetLife whom I'm familiar with. 

FYI for anyone interested in the Life Insurance aspect and might be buying some sometime soon- unless you're very wealthy buy term life.  Whole life insurance is only for those with great wealth. The other types of life insurance ( index, variable etc ) can be useful but in most situations are not.

[Axelseseclevz]

Life insurance is very important especially this time of health crisis caused by covid 19 virus. But i think, only the those with enough savings now can afford to invest in life insurrance. Our life now is very difficult and our priority is our foods and other daily necessities and set aside those other things that cannot afford with our budget.

[Wapfika]

Life insurance is very important especially this time of health crisis caused by covid 19 virus. But i think, only the those with enough savings now can afford to invest in life insurrance. Our life now is very difficult and our priority is our foods and other daily necessities and set aside those other things that cannot afford with our budget.

Unfortunately, those who have capabilities and those who have money and stable job are the only able to have insurance, but in my country those who have atleast a job trying to save for life insurance even the cheaper one since hospitalization is too high in my country. It can be just a matter of discipline and how they prioritise spending to those who have income.

[carlisle1]

I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.

Fraud is Part of every insurance policy because it has been issue for long,My mother is a former insurance agent and she keeps
telling me about the assurance of company before you use their company.
But at least using Block chain will lessen the Fraud.

I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.

Depend on the insurance type,because Life Insurance now are in demand ,because of this pandemic people now are willing to spend for their future and also their family,
so having insurance will lessen the problem incase of the effect of pandemic.

Life insurance is very important especially this time of health crisis caused by covid 19 virus. But i think, only the those with enough savings now can afford to invest in life insurrance. Our life now is very difficult and our priority is our foods and other daily necessities and set aside those other things that cannot afford with our budget.

Unfortunately, those who have capabilities and those who have money and stable job are the only able to have insurance, but in my country those who have atleast a job trying to save for life insurance even the cheaper one since hospitalization is too high in my country. It can be just a matter of discipline and how they prioritise spending to those who have income.

I Disagree,because even people with limited budget will have insurance because of the Virus.
Imagine the threat in our life now.

[Wapfika]

I Disagree,because even people with limited budget will have insurance because of the Virus.
Imagine the threat in our life now.

Many were buying Health insurance this days, those who really see the importance of life insurance will try to acquire life insurance for their families, life is uncertain now but having life insurance especially this time of Pandemic should be a priority but not to those who have lost their job since their priorities is their everyday essentials. I do hope people who don't believe in life insurance will still try to secure having their own life insurance with health coverage even this Pandemic only,there are term insurance that are cheaper and affordable now.

[Kasabus]

I Disagree,because even people with limited budget will have insurance because of the Virus.
Imagine the threat in our life now.

Many were buying Health insurance this days, those who really see the importance of life insurance will try to acquire life insurance for their families, life is uncertain now but having life insurance especially this time of Pandemic should be a priority but not to those who have lost their job since their priorities is their everyday essentials. I do hope people who don't believe in life insurance will still try to secure having their own life insurance with health coverage even this Pandemic only,there are term insurance that are cheaper and affordable now.

Investing in life insurance imo is really essential since it will help us become more prepared especially in those times of difficulties that we will be facing in our old years. But investing in it using crypto gives more advantage as it can be more transparent for us to monitor our investment just like we are only keeping it in our own bank. Though its quite hard to make it in this time of pandemic but at least we should still consider it as an essential one.

[TIDOVEE]

It is a very good concept having an insurance on blockchain, provided the wallet can be so secured against fraud. The first thing I had to consider was,was there issues with the well known insurance organizations all around. If there is none, it is not a bad idea bringing up a new innovation but presently we are protecting our wallet by all means and hackers have never stopped hunting and invading into accounts.i feel it would be more helpful in time like this that so many people has lost their jobs but just the security of the wallet is my concern.

[Lorence.xD]

I Disagree,because even people with limited budget will have insurance because of the Virus.
Imagine the threat in our life now.

Many were buying Health insurance this days, those who really see the importance of life insurance will try to acquire life insurance for their families, life is uncertain now but having life insurance especially this time of Pandemic should be a priority but not to those who have lost their job since their priorities is their everyday essentials. I do hope people who don't believe in life insurance will still try to secure having their own life insurance with health coverage even this Pandemic only,there are term insurance that are cheaper and affordable now.

Not everyone from every country can't afford a life insurance even if they want to, some government backed insurance in my country is very inefficient because there are a lot of delays because of bureaucratic paper works and the salary cuts are so big that it outweighs its long term benefits because people will be using the insurance as a way to sustain their living. In my country, the cost of living is too high and not everyone have the financial knowledge to invest in life insurance, plus most of the working force is in contractual rather than regular so most of them do not get that much working benefits.

Cryptocurrency based life insurance is a good innovation but there is still an elephant in the room that we need to talk about and that is adoption and how do we circulate the cryptocurrency that is contributed by our member so they can get the compound interest when they come at the age of retirement, insurance is very complicated in my opinion, but this has a potential if we have adressed the problems that hinder this innovation.

[Kong Hey Pakboy]

I agree to invest in life insurance using cryptocurrency now as technology advances because it can help brighten our future no one can say when the crypto market will not be stable but life insurance for a certain period of time will help us increase the amount of money. However before insuring in these companies, you have to check it well the role of insurance is important to meet daily needs.

From my point of view, investing in your life insurance using cryptocurrency can be helpful to your family for them not to have any problems financially when you die. But you still need to assure that project is legitimate before investing in life insurance because it will be a waste of money if they will not provide the insurance after you die.

[Rodeo02]

I agree to invest in life insurance using cryptocurrency now as technology advances because it can help brighten our future no one can say when the crypto market will not be stable but life insurance for a certain period of time will help us increase the amount of money. However before insuring in these companies, you have to check it well the role of insurance is important to meet daily needs.

In terms of insurance I still preferred the old way of investing in it. Its too early to have it in crypto space I mean we don't really know how secure it is and it is international so it will hard for other to claim that insurance came from other country .


Its good try but its need to be available first in different country and have many office in many ditty  in that way  many people will be interested  join and have idea how they can receive the insurance if ever the family need it.

[so98nn]

Surely it is vital part of our life these days. I mean you never know what things will come up in your day's basket an accident, long lasting illness, death etc. Considering the today's lifestyle things are messy and we may not bear the health issues that properly as people used to do back in the days. They used to live longer, healthier and always had death zones in the late 90's age.

It's alarming these days this rate has reduced almost to 60 years old. It's better to get insured with these claims and load some of the financial stuff onto these companies.

It does make you loose money in the process since you dont get ill every year and you don't die every year (!). But still having it is important part.

I like the idea of investing with crypto currencies but for that the whole infra of insurance company will need to run on crypto assets. I don't think lot of people will become attracted to it in the first place as it's money matter and only person who knows crypto will invest in that way.

[imstillthebest]

I agree to invest in life insurance using cryptocurrency now as technology advances because it can help brighten our future no one can say when the crypto market will not be stable but life insurance for a certain period of time will help us increase the amount of money.

it does not brighten your future but infact we are talking about your life here specifically when you are in great danger  . your not happy when your suffering unless you do want to die but using crypto to pay for insurance is a perfect tandem because of how advance our technology now  .

 using the old system of paying is too basic and shows that people arent improving  . crypto market are never stable but there are people that wont mind this because they can still do the things they wanted to do

[Sanitough]

in my own analysis cryptocurrency is your real insurance aside from that, your investment can grow anytime.

Insurance company using cryptocurrency, I think that will grow only if the market will be stable in general.
Any projects would suffer if bitcoin is not stable, if bitcoin will dump the rest will be affected, that's why the market works for now, so even if how good the purpose of the project is, but bitcoin is not progressive, I doubt it will succeed.

However, since they use cryptocurrency, I would like to assume that they believe in crypto, especially bitcoin which is the most dominant coin in the market, so they are building their projects here, what will happen in the future is that this space will be filled with good project with different purpose to serve, so this is actually a good investment.

[kateycoin]

I think it will be risky to invest life insurance in crypto,we know how volatile crypto market. Investing in decentralized dont have assurance that it will grow and its risky.Many things you need to consider before you investing in life insurance even how project is good. Think 10 times before that.

[Rosilito]

in my own analysis cryptocurrency is your real insurance aside from that, your investment can grow anytime.

Insurance company using cryptocurrency, I think that will grow only if the market will be stable in general.
Any projects would suffer if bitcoin is not stable, if bitcoin will dump the rest will be affected, that's why the market works for now, so even if how good the purpose of the project is, but bitcoin is not progressive, I doubt it will succeed.

Yep, and that's why I am quite skeptical on this idea. Isn't it the purpose of this insurance thing is to support/secured future circumstances, and when the needing of it comes, it'll make the beneficiaries secured financially. And bringing in btc as an option, well, it might help on the other hand but you cannot exclude the fact that the price of it may go sideways. Worse case scenario is, you would possibily get a little amount in which you might not be able to use it for its exact purpose  .

Nonetheless, still a good idea though, I am just worried on the other possibilities.

[AbuBhakar]

I think it will be risky to invest life insurance in crypto,we know how volatile crypto market. Investing in decentralized dont have assurance that it will grow and its risky.Many things you need to consider before you investing in life insurance even how project is good. Think 10 times before that.

Every year I buy a term life insurance, it didn't cost that much depending on your coverage some cost only $10 usd or less which I still hope I will not be going to use but just in case of accident. I prefer also having medical coverage that can be used for hospital bills. I didn't avail those costly plans it's just a backup just in case I'll be needing like what I have insurance for my car. It does not need to be in crypto base to have it. But if it will be blockchain based, those who are into crypto might get reason to avail their own Insurance.

[cotton ball]

I think it will be risky to invest life insurance in crypto,we know how volatile crypto market. Investing in decentralized dont have assurance that it will grow and its risky.Many things you need to consider before you investing in life insurance even how project is good. Think 10 times before that.

Every year I buy a term life insurance, it didn't cost that much depending on your coverage some cost only $10 usd or less which I still hope I will not be going to use but just in case of accident. I prefer also having medical coverage that can be used for hospital bills. I didn't avail those costly plans it's just a backup just in case I'll be needing like what I have insurance for my car. It does not need to be in crypto base to have it. But if it will be blockchain based, those who are into crypto might get reason to avail their own Insurance.

Better moving your saving from insurance to cryptocurrency, I know you want guarantee with all your insurance saving money but you not reach maximum profit with insurance and hard when needed to claim, my insurance country have problem right now after many member could not take back their money.

[Spaffin]

In fact, I cannot afford insurance even for fiat money, but in fact the presence of cryptocurrency in my portfolio is by itself insurance for my life and the lives of my loved ones. With the long-term storage of all my assets, this will bring me a good profit, which I can use for any purpose. But nevertheless, if we talk on the introduction of cryptocurrency in the daily life of a human being, this implies the use of cryptocurrency in various areas of business, including in insurance companies.

[Wapfika]

In fact, I cannot afford insurance even for fiat money, but in fact the presence of cryptocurrency in my portfolio is by itself insurance for my life and the lives of my loved ones. With the long-term storage of all my assets, this will bring me a good profit, which I can use for any purpose. But nevertheless, if we talk on the introduction of cryptocurrency in the daily life of a human being, this implies the use of cryptocurrency in various areas of business, including in insurance companies.

It's good to have investment in cryptocurrency but will not want it to spend due to uncertainty, or better just make sure your love ones also know how to use cryptocurrency, or atleast teach one how to open and cashout in your wallet, make sure also they know what's your password or  the seed. It is good to let your love ones know how to access it since something might happen to you like accident if we wanted to let our crypto be our insurance.

[erikoy]

In fact, I cannot afford insurance even for fiat money, but in fact the presence of cryptocurrency in my portfolio is by itself insurance for my life and the lives of my loved ones. With the long-term storage of all my assets, this will bring me a good profit, which I can use for any purpose. But nevertheless, if we talk on the introduction of cryptocurrency in the daily life of a human being, this implies the use of cryptocurrency in various areas of business, including in insurance companies.

It's good to have investment in cryptocurrency but will not want it to spend due to uncertainty, or better just make sure your love ones also know how to use cryptocurrency, or atleast teach one how to open and cashout in your wallet, make sure also they know what's your password or  the seed. It is good to let your love ones know how to access it since something might happen to you like accident if we wanted to let our crypto be our insurance.

Yes, this has been talked about over and over again. Investment has its risks and if one may wish to earn more the  risk it more will be possible to earn more but it could get lower chances to gain also because risking money for cyrptocurrency investment has no certain returns. But it could really earn a lot though with less effort but more on patience and decision making.

[Ayiranorea]

If I'm not wrong we've got a project based on the concept of cryptocurrencies into life insurance and other insurance needs. The project name seems to be insurepal. Now I checked with coinmarketcap, and found few other token projects associated with insurance and the insurepal is missing. This can be made effective with the involvement of large scale firms into the business.

[carlisle1]

If I'm not wrong we've got a project based on the concept of cryptocurrencies into life insurance and other insurance needs. The project name seems to be insurepal. Now I checked with coinmarketcap, and found few other token projects associated with insurance and the insurepal is missing. This can be made effective with the involvement of large scale firms into the business.

It seems insurepal is now voucherforme  in coinmarketcap. But the idea for having income protection is part of life insurance is indeed a good idea, their project if will fully utilized and will really be able to partner with top insurance and reliable companies can give a different impact in insurances. However, their project looks not yet updated.

Good concepts that needs to have proper implementations. Once they succeed from collaborating into more top insurance
partnership this project will be booming in the long run.

It's always good to see projects that have usable venues even the progress are slow but if the team are really

working hard to make sure that everything is moving according to the roadmap, interest coming from investors
will be expected to come from time to time.

[Mauser]

cool !! it's really useful to insure in bitcoin, i would try it

But you are also running a big risk if you have to pay your contributions in bitcoins. I think it all depends on the salary you get. If you monthly money income is mostly coming in fiat currencies and you have to pay a fixed monthly contribution in bitcoins for your insurance you are running a big currency risk. Sure your pay pout will also be on bitcoins but you will have to make sure you can afford to pay all the premiums.

[Eugenar]

This is a good idea but, conflict may arise right? We are talking about insurance therefore there would be "something" to be in the middle to regulate the process of the insurance. How can we be sure that there will be no possibility of corruption? Please enlighten me. The management could hide an identity of benificiary. Also this would be long term, will the market value of crypto, since the market price is not consistent and for it being used in tbis insurance, will affect the benefit one would get?

The idea is great indeed. I do heard of such cryptorelated insurance before and there are just questions that I have in mind since it took my interest.

[Wapfika]

Is this even possible? What are the benefits? Cryptocurrency price is not stable, today is higher than never before and tomorrow can drop a lot. Who is the one to win in this situation? Or it's a scheme not to cover your finances and taxes? I have insurance from average payout for life insurance and paid with cash only, after analysis the advised for me best face amount plant. From my perspective was very convenient. Never thought that somehow crypto could be involved and used for such services! Sounds doubtful but in the same time I know many will rejoice at such a choice.

The only way to pay now via crypto in some known insurance companies is when there's a app operated or registered in which country you are. There are no direct way yet to pay bitcoin without converting in fiat from big insurance companies but who knows soon when adoption evolves more. In my country those who pursue the importance of life insurance also posted some updates in BTC. Sooner it will develop till transaction became convenient and trusted.

[Wapfika]

Six blockchain use cases for health and life insurance companies

Moving towards interoperable, comprehensive health records
The added security and ability to establish trust between entities are two reasons why this technology can help solve the interoperability problem better than today’s existing technologies.

Supporting administrative and strategic imperatives with smart contracts
Blockchain could automatically collect records of agreements, transactions, and other valuable information sets, then link together the information and act on the data using smart contracts.

Detecting fraud more effectively
When fraudulent information is submitted to a life or health insurer via false claims, falsified applications, or other channels, smart contracts can help determine if the submission is indeed valid.

Improving provider directory accuracy
Unique provider directories could leverage the technology’s decentralized consensus protocols to allow providers and insurers to update listings more quickly and easily.

Simplifying the application process by making it more client-centric
Providing an easier-to-access, more comprehensive set of medical records on a blockchain could infuse comfort and peace of mind into what, for many, is now an intrusive and often discouraging application process.


Facilitating a dynamic insurer/client relationship
Electronic health records securely stored on a smart contract could be the foundation for integrating a wide variety of wellness-related behaviors into the insurer/client dynamic.

Source: https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html

[Beparanf]

Six blockchain use cases for health and life insurance companies

Moving towards interoperable, comprehensive health records
The added security and ability to establish trust between entities are two reasons why this technology can help solve the interoperability problem better than today’s existing technologies.

Supporting administrative and strategic imperatives with smart contracts
Blockchain could automatically collect records of agreements, transactions, and other valuable information sets, then link together the information and act on the data using smart contracts.

Detecting fraud more effectively
When fraudulent information is submitted to a life or health insurer via false claims, falsified applications, or other channels, smart contracts can help determine if the submission is indeed valid.

Improving provider directory accuracy
Unique provider directories could leverage the technology’s decentralized consensus protocols to allow providers and insurers to update listings more quickly and easily.

Simplifying the application process by making it more client-centric
Providing an easier-to-access, more comprehensive set of medical records on a blockchain could infuse comfort and peace of mind into what, for many, is now an intrusive and often discouraging application process.


Facilitating a dynamic insurer/client relationship
Electronic health records securely stored on a smart contract could be the foundation for integrating a wide variety of wellness-related behaviors into the insurer/client dynamic.

Source: https://www2.deloitte.com/us/en/pages/life-sciences-and-health-care/articles/blockchain-in-insurance.html

I have an existing life insurance with an investment package included, I don't any idea about my records, transaction and other updates from them unless I will contact my insurance agent to inquire it for my self. Using blockchain for recording purposes will give a big help for all insurance client to tracks all the services they are paying. Honestly man, I'm just paying monthly premium just in case there's sudden accident or illness hit me to support me financially. Nice to see this thread and I support this idea.

[lienfaye]

I have an existing life insurance with an investment package included, I don't any idea about my records, transaction and other updates from them unless I will contact my insurance agent to inquire it for my self. Using blockchain for recording purposes will give a big help for all insurance client to tracks all the services they are paying. Honestly man, I'm just paying monthly premium just in case there's sudden accident or illness hit me to support me financially. Nice to see this thread and I support this idea.

I also have a life insurance for over 2 years now and just like you I dont have records or any updates regarding my insurance and im only relying to my agent if I have questions. If blockchain technology has an advantage for life insurance companies then adopting it would be a good idea not only for the companies but also for their insurance holder as well.

[Wapfika]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

[Clavulanic]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.

[zhelis74]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.

Maybe its possible but not totally the best way, life insurance requires central control to monitor and process whoever needs it. In hospitalization case who will process to the hospital knowing that most establishment are still in fiat system but i will not set aside the possibility in the future if there is already proper arrangement between blockchain amd individual agency.

[awik p]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.

Actually, there used to be a project with an insurance concept, it's called Fidentiax if I'm not mistaken, but over time it turns out that the project is not running, until now it has disappeared from circulation. actually this is a good concept between blockchain and insurance, as it can facilitate the acceleration of data transfer or financing

[Wapfika]

Sad to hear your story @beparnf and @lienfaye. I'm a Financial advisor and I understand your concern but in our Insurance company, there's a special website that let you monitor your account health same as your payment history. The only thing that's not convenient are the way company sending the receipt and membership report every month. They are still using courier to deliver house which is not applicable on this pandemic. I strongly believe that Blockchain can do an important changes on this weak spot of insurance industry.

Yes blockchain is the best way of handling insurance in remittance and receipt tracking since blockchain is a pure record and undeniable for having no central control and the risk involving like disappearance after several years of contribution can be minimize, with blockchain everything is possible.

Maybe its possible but not totally the best way, life insurance requires central control to monitor and process whoever needs it. In hospitalization case who will process to the hospital knowing that most establishment are still in fiat system but i will not set aside the possibility in the future if there is already proper arrangement between blockchain amd individual agency.

The key here is having a 3rd party payment solution just like the typical method of merchant of accepting crypto. Insurance industry is not yet adapting blockchain tech because the current trend of DeFi is into financing and NFT. I know that there will other services that will exist soon to help insurance industry once they take step to use blockchain. I'm an optimistic person and I believe on the potential of using blockchain on this kind of industry.

[AicecreaME]

I have nothing against the implementation of blockchain technology and cryptocurrency payments in the Life insurance industry.
However,I highly doubt that the blockchain technology will reduce or prevent the cases of insurance fraud.
Technology can't replace humans,when it comes to investigating insurance fraud cases.
I think that the insurance industry will be damaged by the corona recession.The overall revenue of insurance companies will go down and adopting cryptocurrency payments won't make the insurance companies more attractive to the people.Many people lost their jobs due to the recession,so they can't afford insurance.It doesn't matter if they are paying with crypto coins or fiat money.

You have a valid point. During this challenging time, most people barely have food to eat and are just trying so hard to make the ends meet just to survive their daily struggles. Applying for an insurance policy would be the least in their priorities since the downpayment and monthly payment required to be paid will just take another toll on their budgeting. I would bet that the people would rather save themselves and buy the things they need at the present than to get a life insurance. There are still a lot of people unaware how beneficial life insurance would be in case of an emergency. There are also people that are fully aware about its advantages, but unfortunately, they don't have the means to get such package.

In addition, the entry of blockchain in life insurance policies won't totally guarantee that it will be fraud-free. The security measures might be strengthened, but it won't be an assurance that some kind of schemes, scams, and fradaulent activities won't be present. The security measure is still best provided with the help of a human and not a program alone. Maintenance must regularly be done to secure the protection of it against the hackers.

[sapnu]

Collaborating blockchain and life insurance could be a good idea specially for those who are currently investing huge amount of money in crypto. Though it might work out a little different with the usual life insurance we used to have, it can be a place for innovation and it can be much more effective compared to the traditional one. Even though there's still a risk, it can still pay you back in the future once if is not a scam or a fraudulent act. Not everyone can afford getting a life insurance but I think it is necessary specially if you are currently working hard and aiming to make sure you have your future secured.

[Kittygalore]

I think that the six application of blockchain that you just listed is pretty awesome especially the fraud detection given how life insurances becomes more popular in other countries besides USA, this can help a lot although I can't see if blockchain will be able to hold that much traffic if insurance agencies adopted it.

[maisao1991]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

[Wapfika]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

[Natalim]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

It depends on the insurance you avail of, usually, life insurance is to ensure that your family gets the insurance when you die, so as an insurer, you'll not enjoy it and you will not regret if in the first place you understand the insurance you sign up. As long as they are a legit company, you should not worry about anything as the authorities will be after them if they'll scam you.

Some insurance has investments plan included, i think that's a good one too, but you need to increase your premium as well.

[TimeTeller]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

It depends on the insurance you avail of, usually, life insurance is to ensure that your family gets the insurance when you die, so as an insurer, you'll not enjoy it and you will not regret if in the first place you understand the insurance you sign up. As long as they are a legit company, you should not worry about anything as the authorities will be after them if they'll scam you.

Some insurance has investments plan included, i think that's a good one too, but you need to increase your premium as well.

Before you sign up or avail an insurance package, make sure you read their policy.
Because that's where the problem usually is, if you are not aware of the coverage and the limitations, you will really end up not getting the benefits you think you can avail of.
And yes, you should be very choosy what company you will get this package, much better if you can get it from established company with long years of operations.
There are several insurance-related blockchain projects that were introduced before, but I am guessing, they haven't gained success in the market.
But this will be good if an existing insurance company will integrate blockchain tech not a new company that will try to operate as insurance with blockchain integrated system.
I believe, the success can be attained if the insurance company is already existing as they just need to develop their system according to blockchain technology .

[Lubang Bawah]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

In my country insurance has a bad reputation, many claims are rejected, I have also participated in an insurance program and I stopped because I was disappointed when a health claim turned out to have to wait for a difficult procedure, at this time I did not join any insurance program and to cover health costs then I always save and prepare as much cash as I can.

[Russlenat]

For me, this is good, because it promotes transparency and it's easy for the clients to complain if they don't qualify for the insurance while they are paying their premiums. Maybe for some, it's quite complicated but in reality, it really reduce the work, it will not only help the company to reduce manpower but to gain confidence among their clients because of the TRANSPARENCY that we don't get on some insurance providers.

[Victorycoin]

Blockchain life insurance addresses these challenges by working in a shared decentralized account that helps align stakeholders in a single system that provides access to relevant information with everyone. This is especially helpful insurance for which a simple, sector based system allows individuals to monitor the funds they are considering. Blockchain encourages greater accountability, with reporting processes that can permanently penalize funds that do not follow the results in writing in a shared ledger insurance helps entrepreneurs in bad times.

[oHnK]

I believe, the success can be attained if the insurance company is already existing as they just need to develop their system according to blockchain technology .

I don't think that insurance is a wise choice to have.  Insurance and investment are two different things.  I wonder why people are willing to pay so much just for the risk they don't want.  For example accident insurance, life insurance, health insurance.  Even though we know how to invest in a good way to get a return instead of depositing money with the insurance company and letting them use our money to cover other people and so on.  No matter what technology is used, insurance will not be far from my words as above.

[perfect999]

Insurance is basically taken over by government in many nations, like for USA you need to have health insurance AND still pay a lot of money, in other nations you pay a higher tax (sometimes even lower tax because that nation doesn't spend 800 billion dollars on military) and all of your health stuff is paid, hospital visits, doctors, pills, drugs everything is paid because you paid tax.

Now this means is that insurance is not something that the world needs, it is a business that governments can cover pretty easily, in my nation we even pay for earthquake damages to our government and whenever there is an earthquake that crumbles a building, government builds a new one, still a horrible feeling to have your house go down the ground but at least you will not be homeless and that's good. So, blockchain should not be involved with insurance because insurance should be gone already.

[swiftbits]

Insurance is one of the aspects of financial management that I need to consider. It would be a challenge for me cause it doesn't give a good impression to me as I see clients' dissatisfaction. I planned to start at the basic package and would continue along the way. Blockchain-based insurance might change my views on it, but let's see its implementation, not everyone is open to the complexity of blockchain.

[Wipeout2097]

Its truly awesome to know this segment at long last know the worth of Blockchain.Its genuine generally utilized blockchain to have a helpful installment framework. It is commendable life protections will advantage out of it, Its not like you'll spare rebate or get a cheap life protections in case you pay for crypto. What they will make strides is the framework but not the esteem of any life insurance. Most of peoplee have possess conclusion and may be against around it but in case we know for all intents and purposes it has awesome future in the event that legitimately overseen by the proprietors and make it beyond any doubt to belive in protections produt to the communiy.

[19Nov16]

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Insurance often has problems when claiming, in my country many insurance companies go bankrupt because when someone claims it is complicated, most insurers give too high promises because they want to get consumers, when they claim they will look for many reasons to refuse and I also have never joined any insurance program.

[ninis45]

Until now, my family and I have never signed up for any insurance and probably never will because I don't believe in them and most of them talk sweetly to their clients, telling them the advantages that will be obtained when joining and preying on those who don't carefully read the rules. which has articles that in some parts are detrimental to one party, because this happens a lot in my country

[Kadal Ijo]

Insurance in developed countries is fully borne by the state, but the private sector is given the freedom to invite the public who want to get more value, unfortunately in my country the reputation of insurance is so bad that many people don't want to have insurance.

[xSkylarx]

Insurance in developed countries is fully borne by the state, but the private sector is given the freedom to invite the public who want to get more value, unfortunately in my country the reputation of insurance is so bad that many people don't want to have insurance.

They are correct in my country as well, but they also have a valid point because the majority of people I know are minimum wage earners whose salaries are only enough to cover their basic needs and nothing else. Additionally, they are telling me that if they ever have extra money, they should invest it in life insurance because it is extremely beneficial in an emergency situation. Likewise, I desire one, but my family and I are experiencing financial difficulties, and our budget is extremely tight. However, if the opportunity presents itself, why not take advantage of it?

[paxmao]

I am afraid these companies are just on the business of filling patents around blockchain "just in case" and probably to prevent others from using it in the future. None of these proposals really adds anything nor justifies the use of blockchain. e.g.

Metlife who already did a blockchain platform that relates to Life Insurance.
Metlife already have a mobile app called Vitana, that utilized Ethereum to pay out claims to expectant mothers who contracted gestational diabetes.
they are also planning to create "LifeChain" a technology based that will benefit bereaved families, MetLife’s Singapore-based incubator LumenLab is collaborating with Singapore Press Holdings (SPH) and NTUC Income (Income) on a platform of smart contracts known as ‘Lifechain’ to help loved ones quickly determine if the deceased was protected with a policy and automatically file a claim.

This is stupid. A webpage and a normal database serves exactly the same purposes. The disbursement is never going to be fully automated and the speed in claim processing is not improved by using blockchain - it would be much more improved having the right laws into place. All this is a bag of crap.

[barbara44]

Until now, my family and I have never signed up for any insurance and probably never will because I don't believe in them and most of them talk sweetly to their clients, telling them the advantages that will be obtained when joining and preying on those who don't carefully read the rules. which has articles that in some parts are detrimental to one party, because this happens a lot in my country

Depends on where you live obviously. I have been in an insurance ever since I hit 18 and will probably be in insurance for a very long time as well. In my nation if you do not have health insurance then you are going to either use the free government health clinic, or you could get insurance and have free in any private hospital ever. The difference between the free health clinics and private hospitals are night and day.

I had a family member that got cancer very recently, since she had insurance she was capable of getting free private hospital care (which was amazing) and between learning she has cancer and getting the surgery was just 6 days, on 7th day she was out of surgery and relaxing in her hospital bed, in 2 weeks after learning she was back at home, now she is going to get chemotherapy for 6 months (once every two weeks) and that is what insurance can bring you here. Maybe in other nations it could be different. Plus there are way more different insurances then just health as well.

[carlisle1]

Until now, my family and I have never signed up for any insurance and probably never will because I don't believe in them and most of them talk sweetly to their clients, telling them the advantages that will be obtained when joining and preying on those who don't carefully read the rules. which has articles that in some parts are detrimental to one party, because this happens a lot in my country

Depends on where you live obviously. I have been in an insurance ever since I hit 18 and will probably be in insurance for a very long time as well. In my nation if you do not have health insurance then you are going to either use the free government health clinic, or you could get insurance and have free in any private hospital ever. The difference between the free health clinics and private hospitals are night and day.

I had a family member that got cancer very recently, since she had insurance she was capable of getting free private hospital care (which was amazing) and between learning she has cancer and getting the surgery was just 6 days, on 7th day she was out of surgery and relaxing in her hospital bed, in 2 weeks after learning she was back at home, now she is going to get chemotherapy for 6 months (once every two weeks) and that is what insurance can bring you here. Maybe in other nations it could be different. Plus there are way more different insurances then just health as well.

If you understand the usages of this service and you are very capable to pay, it will help you a lot in terms of assistance.

Paying a monthly contributions secure your spot in any emergency that may happen. If you are a practical type of person you will avail this

kind of service. Some see this as good advantage while other see this as extra expense.

[dzonikg28]

Until now, my family and I have never signed up for any insurance and probably never will because I don't believe in them and most of them talk sweetly to their clients, telling them the advantages that will be obtained when joining and preying on those who don't carefully read the rules. which has articles that in some parts are detrimental to one party, because this happens a lot in my country

Depends on where you live obviously. I have been in an insurance ever since I hit 18 and will probably be in insurance for a very long time as well. In my nation if you do not have health insurance then you are going to either use the free government health clinic, or you could get insurance and have free in any private hospital ever. The difference between the free health clinics and private hospitals are night and day.

I had a family member that got cancer very recently, since she had insurance she was capable of getting free private hospital care (which was amazing) and between learning she has cancer and getting the surgery was just 6 days, on 7th day she was out of surgery and relaxing in her hospital bed, in 2 weeks after learning she was back at home, now she is going to get chemotherapy for 6 months (once every two weeks) and that is what insurance can bring you here. Maybe in other nations it could be different. Plus there are way more different insurances then just health as well.

If you understand the usages of this service and you are very capable to pay, it will help you a lot in terms of assistance.

Paying a monthly contributions secure your spot in any emergency that may happen. If you are a practical type of person you will avail this

kind of service. Some see this as good advantage while other see this as extra expense.

Good points but claiming what you (or your family) actually deserve sometimes can really be a cumbersome and time consuming process. That is probably one of the major issues when people need to decide either against or for a life insurance. Not only are you insuring yourself in order to make sure that your family is safe is something happens, but you are also betting on the company actually paying out that money.
I just took the headline of OP by his word. Everyone should have a health insurance and that stuff usually works out smoothly in most of the countries around the world I guess. But even in developed countries with a solid banking and insurance sector there can be problems claiming the money.

[dimonstration]

Good points but claiming what you (or your family) actually deserve sometimes can really be a cumbersome and time consuming process. That is probably one of the major issues when people need to decide either against or for a life insurance. Not only are you insuring yourself in order to make sure that your family is safe is something happens, but you are also betting on the company actually paying out that money.
I just took the headline of OP by his word. Everyone should have a health insurance and that stuff usually works out smoothly in most of the countries around the world I guess. But even in developed countries with a solid banking and insurance sector there can be problems claiming the money.

Application and claiming process is troublesome, there are lot of papers to fill up as well proofs to provide but if we will be able to provide ll the files needed there is no reason for the insurer not to approved claim. There are policy that also provide investment that can be helpful in deciding if looking for a return of investment. in other countries its normal that they have insurance while some it's too expensive for them to avail. It's a matter of priority and picking the right company and we must know our responsibility whether we can pay it.

[Kimonoe]

Good points but claiming what you (or your family) actually deserve sometimes can really be a cumbersome and time consuming process. That is probably one of the major issues when people need to decide either against or for a life insurance. Not only are you insuring yourself in order to make sure that your family is safe is something happens, but you are also betting on the company actually paying out that money.
I just took the headline of OP by his word. Everyone should have a health insurance and that stuff usually works out smoothly in most of the countries around the world I guess. But even in developed countries with a solid banking and insurance sector there can be problems claiming the money.

Application and claiming process is troublesome, there are lot of papers to fill up as well proofs to provide but if we will be able to provide ll the files needed there is no reason for the insurer not to approved claim. There are policy that also provide investment that can be helpful in deciding if looking for a return of investment. in other countries its normal that they have insurance while some it's too expensive for them to avail. It's a matter of priority and picking the right company and we must know our responsibility whether we can pay it.

Actually, I see that the fault of insurance is that their marketing seems less open or doesn't even know the rules listed on the insurance, so that not all the rules are explained in detail, so that when a claim occurs, many rules seem to deceive us. many of the insurance sales are oriented to customer withdrawals, and they seem to give a good picture of the insurance

[dimonstration]

Actually, I see that the fault of insurance is that their marketing seems less open or doesn't even know the rules listed on the insurance, so that not all the rules are explained in detail, so that when a claim occurs, many rules seem to deceive us. many of the insurance sales are oriented to customer withdrawals, and they seem to give a good picture of the insurance

It's those agents that are into sale rather than to help, it's annoying to listen sometimes to agents that didn't explain the meaning at all and just goes in explaining the benefits without tackling the sensitive issues that can trigger the client to backout. So as a customer we must ask everything we wanted to know and see whether they can able to convince us. We must do our own background check as having insurance is important as well choosing the right agent who can assist us, as they are the one who can process the claims.

[magneto]

This is one of these areas that definitely could use the blockchain's immutability and transparency.

If people actually bothered to adopt blockchain technology in this field there will be a transformational increase in integrity of the system.

Heck, you'd probably be able to save quite a bit just off of audit fees too.

[Wong Gendheng]

The idea to unite insurance and blockchain is certainly a good idea, there will be many conveniences for insurance participants so that when they want to claim and provide sufficient evidence, the insurance company immediately drops the wallet to finance in the event of a claim. I hope the world's insurance companies will soon adopt blockchain in insurance.

[24Kt]

The idea to unite insurance and blockchain is certainly a good idea, there will be many conveniences for insurance participants so that when they want to claim and provide sufficient evidence, the insurance company immediately drops the wallet to finance in the event of a claim. I hope the world's insurance companies will soon adopt blockchain in insurance.

We have seen several blockchain projects that are focusing in insurance system. However, I believe, they have problems when it comes to implementation. Up until now, no blockchain-related insurance project is known to be successful on this kind of venture. But if you talk about the convenience that blockchain tech will bring to insurance industry, I believe, it will be tremendous. Maybe, they haven't find the right recipe on how to implement this on a large-scale basis.

But making a quick search, there are already companies that are integrating blockchain tech in their insurance services -

https://builtin.com/blockchain/blockchain-insurance-companies

Haven't used any of those sites, so I can't say about the feedback of using those sites.

[Zilon]

If blockchain is diversified or used both as payment option and life insurance technology more transparency and straight forward policies will be implemented even giving birth to new insurance schemes. Blockchain is spreading and the use is seen in many other sectors gradually if only it hasn't gotten to insurance companies it would get viral and become a house hold name

[Rasa nanas]

The idea to unite insurance and blockchain is certainly a good idea, there will be many conveniences for insurance participants so that when they want to claim and provide sufficient evidence, the insurance company immediately drops the wallet to finance in the event of a claim. I hope the world's insurance companies will soon adopt blockchain in insurance.

correct. as we know that if the crypto world is filled with risks, if insurance companies are able to adopt blockchain it will certainly increase the security and public trust in crypto. I'm sure if this really happened many people would use this blockchain-based insurance service and of course it would attract many people to join the crypto world.

[doomloop]

We have seen several blockchain projects that are focusing in insurance system. However, I believe, they have problems when it comes to implementation. Up until now, no blockchain-related insurance project is known to be successful on this kind of venture. But if you talk about the convenience that blockchain tech will bring to insurance industry, I believe, it will be tremendous. Maybe, they haven't find the right recipe on how to implement this on a large-scale basis.

But making a quick search, there are already companies that are integrating blockchain tech in their insurance services -

https://builtin.com/blockchain/blockchain-insurance-companies

Haven't used any of those sites, so I can't say about the feedback of using those sites.

Unfortunately there are just "attempts" basically, not that they are bad but it is not the huge names that are doing big stuff. I personally have to say that if you could use blockchain in the insurance industry then it should be more than just a database solution, it would be a great database solution but whenever you are doing a crypto project that can be done as well by a database then you are looking at a project that is useless.

It means you need something bigger than a database and life insurance or any insurance in this regard is something that is a bit more different, creating an algo to calculate all the possibilities and basically using all the data on you to predict what you should pay for what could be done. This is data base and machine learning at the same time and could be done on blockchain given enough data for people. You start with 1000 and based on how good or bad you are on something your rate drops or goes up.

[paxmao]

There has been the usual bluff and hype on using blockchain for insurance. In my view, there is no real added value of blockchain to the simple use of traditional databases and documents. Insurance is quite a legal stuff that has already an extensive fintech behind and there is not that much to be done. Why would you need a trustless network or have a distributed database that is actually expensive to maintain?

Any project on this should very clear explain how savings or benefits are achieved.

[pinggoki]

There has been the usual bluff and hype on using blockchain for insurance. In my view, there is no real added value of blockchain to the simple use of traditional databases and documents. Insurance is quite a legal stuff that has already an extensive fintech behind and there is not that much to be done. Why would you need a trustless network or have a distributed database that is actually expensive to maintain?

Any project on this should very clear explain how savings or benefits are achieved.

Totally agree, I think that the way that insurance companies cheat their clients of their money and not get the benefit of their insurance will still probably be present in the improved version of it, the only difference being digitized. So I totally agree with the reply by paxmao that it's no added value in changing it to blockchain.

[poldanmig]

If blockchain is diversified or used both as payment option and life insurance technology more transparency and straight forward policies will be implemented even giving birth to new insurance schemes. Blockchain is spreading and the use is seen in many other sectors gradually if only it hasn't gotten to insurance companies it would get viral and become a house hold name

What you say is true, although blockchain is a decentralized system that has data storage that records transaction details in a safe, transparent, and efficient system, so that it will greatly facilitate the transaction process and provide security for insurance companies and also to insurance policyholders, in addition to data transparency and also the security of clients medical records, of course blockchain will provide many extraordinary benefits if the insurance industry is willing to implement it, but the problem now is that it is difficult to implement it in the insurance industry, because we know that there is no overall cryptocurrency regulation, so of course, this will be difficult to achieve.

[AmoreJaz]

If blockchain is diversified or used both as payment option and life insurance technology more transparency and straight forward policies will be implemented even giving birth to new insurance schemes. Blockchain is spreading and the use is seen in many other sectors gradually if only it hasn't gotten to insurance companies it would get viral and become a house hold name

What you say is true, although blockchain is a decentralized system that has data storage that records transaction details in a safe, transparent, and efficient system, so that it will greatly facilitate the transaction process and provide security for insurance companies and also to insurance policyholders, in addition to data transparency and also the security of clients medical records, of course blockchain will provide many extraordinary benefits if the insurance industry is willing to implement it, but the problem now is that it is difficult to implement it in the insurance industry, because we know that there is no overall cryptocurrency regulation, so of course, this will be difficult to achieve.

this is why we've seen several blockchain projects before involving some kind of insurance, but when it comes to implementation, that's their bottleneck. in traditional scenario, the buyer of insurance still needs to actually sign his policy. in my area, i haven't seen any insurance company that is actually employing the use of blockchain tech.

but according to this article , some companies are already integrating the ledger tech

guardtime - irvine, california
lemonade -NY, NY
Etherisc - Munich, Germany
Fidentiax - Singapore
B3I - Zurich, Switzerland
Dynamis - London, England
Fizzy - Paris, France
Teambrella - St Petersburg, Russia

so if you happen to live in this area, you may want to check these companies.

[Webetcoins]

If you are just ordinary workers do not face the risk of death. You should avoid joining life insurance, because it is less useful you will continue to pay the insurance premium. Without getting benefits in the short term, it's better money to pay for insurance used to invest in cryptocurrency is much more feels the benefits. Regarding life insurance, right now can received payment for contributions with crypto, which is pretty good news in my opinion.Cryptocurrency has begun to be adopted by life insurance, hopefully cryptocurrency is adopted by other fields as well.

No matter what type of work you have (indoors or outdoors) both of them are not exempted with death but it can be true that there are jobs that are very risky but still if its not your time you wont prerish doing that job or what you mean when you say ordinary worker is the one that earns less?

Because, they are usually the ones that do not bother with this kind of things due to their state of living. They can use the money on things that are immediately needed. With that said, do you think they will use the money for cryptos ? I guess no. It is only sad because they cant experience things like insurances and insurances are very useful because this can make you feel less worried in the future.

[Maestro75]

This is one of these areas that definitely could use the blockchain's immutability and transparency.

If people actually bothered to adopt blockchain technology in this field there will be a transformational increase in integrity of the system.

Africa should by all means adopt the blockchain in this as it will help to fight and prevent insurance scams the same way it should be adopted to checkmate pension fraud too. The so many scams resulting from this two sectors I mentioned is highly under reported. Heads of parastatals and ministries have ripped people off for so long a time and they have been getting away with that. Corruption in Africa now makes things like that and stealing look normal. This is bad. Blockchain technology should be applied in all this. Maybe it will put a stop to it as transparency will be guaranteed

[Gozie51]

This is one of these areas that definitely could use the blockchain's immutability and transparency.

If people actually bothered to adopt blockchain technology in this field there will be a transformational increase in integrity of the system.

Africa should by all means adopt the blockchain in this as it will help to fight and prevent insurance scams the same way it should be adopted to checkmate pension fraud too. The so many scams resulting from this two sectors I mentioned is highly under reported. Heads of parastatals and ministries have ripped people off for so long a time and they have been getting away with that. Corruption in Africa now makes things like that and stealing look normal. This is bad. Blockchain technology should be applied in all this. Maybe it will put a stop to it as transparency will be guaranteed

It has all been said well. There are many corruption holes that has not been covered and government officials are still taking what belongs to the public. Blockchain can reduce these loop holes to a level that corruption will become a difficult thing in the system but the challenge is those that are looked on to for such policies will not do a progressive thing for the public because they benefit from that area.

[Vaskiy]

Blockchain is an effective technology that gives error free functioning against the traditional system. As of now we can't find more real-time usage being operated through blockchain technology. It is said there is increase in the adoption of blockchain technology, but that isn't true. Blockchain usage on insurance will help the consumers get the insurance on time without any big process as the one we experience with the centralized insurance system.

[leoGreed]

Insurance with Blockchain is the most convenient way to get a policy. In any life insurance, that risk is death. You purchase a certain amount of life insurance ($200,000, for ex.), you die, your beneficiary gives the life insurance company the death certificate, the life insurance checks to see that there wasn’t fraud on the application, and then it pays out the $200,000 tax-free to the said beneficiary. It’s the simplest form of insurance there is and, in my opinion, the most essential.

[24Kt]

Blockchain is an effective technology that gives error free functioning against the traditional system. As of now we can't find more real-time usage being operated through blockchain technology. It is said there is increase in the adoption of blockchain technology, but that isn't true. Blockchain usage on insurance will help the consumers get the insurance on time without any big process as the one we experience with the centralized insurance system.

There have been blockchain projects before that explored the insurance industry as I have seen those in the ANN board. But it seems, they are not successful in the actual implementation. Maybe, they haven't gained much interest from the public as people are still preferring to buy their Life Insurance Policy in a traditional way.

However, you can already see several insurance companies utilizing blockchain technology - https://builtin.com/blockchain/blockchain-insurance-companies, most of them are dealing with property insurance.

[Sir Legend]

I think so too, traditional insurance databases are enough to know a lot of things, blockchain will not be optimal for use in insurance, the best advantage of blockchain is for fast and frequent transactions, complicated things if we use blockchain for insurance transactions.