Life Insurance and Blockchain

[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.