What's your opinion of the insurance industry?

[kryptqnick]

In my country, insurance isn't a popular thing. We get insurances when we travel abroad because they are sometimes required, but we usually live our lives without medical, property or other insurances. However, there are countries where, for example, the whole medical system is built of insurances. Sometimes it works pretty well (for example, in Germany or Austria), and other times it's terrible (for example, in the US). So I don't have a general attitude towards insurances because I believe it depends a lot on the context. But I don't see how smart contracts can act instead of insurance. If we're talking about ensuring that a buyer-seller transaction goes well, it's possible to use a smart contract to freeze the money temporarily and then pay it out automatically upon a certain event. But insurance isn't about securing funds for everything in advance, it's simply impossible. So in some areas insurance companies are necessary. And if a company is well-reputable, I don't have a problem with it being centralized.

[kaya11]

I think you need to breakdown the problem. If the problem is complex, there's no single antidote that can cure all the problems. Let's see several areas that we can improve:
- Agent/brokers/middlemen: this the area in which inefficiencies occur, it can be reduced into "host/personal customer support" whose job is to make sure all documents provided by insured are legit, preparing paperworks, continually in touch with the insured. Can an app replace it? Or human touch is still preferred?
- Who will calculate VAR, premium, etc. can algorithm calculate it better than human (expert)?
- Slow to pay claims: how can the technology make it faster to verify all documents?

Automation needs a well-thought architecture, and without a clear white paper, it's difficult to tell whether or not your DAO will make sense.

Certainly right, there things that technology at them moment are limited. All works of the human cannot be done by the computers or AI, unless we can create a perfect AI which thinks independently and that thing is no way closer to our current timeline. There just things that need to be left for the humans to work as computers and technology were basically created by humans in the 1st place.
The idea of insurance being automated is great only if there is no flaws, at some cases of automated transactions do make errors, unless it is perfect upto 99.9 percent then it is a good one to be utilize.

[justdimin]

What could be truly disrupted in the insurance industry?
Would a DAO be the solution?
What is your view of the insurance industry )agents, brokers, various middlemen, insurance companies, reinsurance companies, regulators)?

Well, I know how much that most of us here likes things that has to do with decentralization, but everything cannot be decentralized. And one of those things I think will not work in this way is this insurance that you’re talking about. For a lot of reasons it is best that insurance companies stays as they are, and not really go into this decentralization stuff. And just like someone pointed out, if something should happen and you are not able to get your insurance money, then who do you point fingers at when it is a DAO platform? You wouldn’t have anyone to point fingers at since they are all anonymous. So I would say that this is not going to be changed at all.

[cryptoQueez]

insurance industry is the best reward in the economy. Nice thread!!

[RealMalatesta]

What could be truly disrupted in the insurance industry?
Would a DAO be the solution?
What is your view of the insurance industry )agents, brokers, various middlemen, insurance companies, reinsurance companies, regulators)?

Well, I know how much that most of us here likes things that has to do with decentralization, but everything cannot be decentralized. And one of those things I think will not work in this way is this insurance that you’re talking about. For a lot of reasons it is best that insurance companies stays as they are, and not really go into this decentralization stuff. And just like someone pointed out, if something should happen and you are not able to get your insurance money, then who do you point fingers at when it is a DAO platform? You wouldn’t have anyone to point fingers at since they are all anonymous. So I would say that this is not going to be changed at all.

Not everyone can, but some stuff can and haven't been so far and that is the real trouble. Crypto itself is getting a lot more centralized these days if you look at it, I mean there are some projects with literally founders who decide what goes.

Axie could close the game up today and they would crash to zero, which they are doing even with the game open to be fair, so it is really not a big deal. I have to say that it is not going to be a big problem for me, but there are many who see it as a problem. This is why keep on trying to do something that is more decentralized and try to find things that make centralized things into decentralized and you are going to be fine investing into them.

[ChiBitCTy]

As someone who's had an insurance license for many years and worked for several insurance companies I think insurance is a bit of a mixed bag.  Now lets look at the concept of insurance... a group of people submit money in to a pool in which can then be used when one of those people experience an event that then triggers for insurance to be paid out based on the insurance company contract/policies.  This is a way for people to protect themselves in an assortment of situations.  The concept of insurance makes all the sense in the world.  The problem is the companies behind them.

[Natalim]

There are several types of insurance that exist today and I think they are also important to our life but some of them are just a waste of money like being asked and forced us to get because it was required.
*life insurance
*burial insurance
*building insurance

These are somewhat important to us. We are giving no hassle for our family anymore to whatever it happens to us someday which I really think will give them peace of mind. I was believing this was a huge help for us but in some insurance...They are just collecting money for us without a single benefit.

[24Kt]

As someone who's had an insurance license for many years and worked for several insurance companies I think insurance is a bit of a mixed bag.  Now lets look at the concept of insurance... a group of people submit money in to a pool in which can then be used when one of those people experience an event that then triggers for insurance to be paid out based on the insurance company contract/policies.  This is a way for people to protect themselves in an assortment of situations.  The concept of insurance makes all the sense in the world.  The problem is the companies behind them.

Having insurance is actually good. But the company managing the insurance should at least be fair to its clients. Sometimes when it comes to claiming, they will ask so many attached documents as if they don't want to pay their client. They will look for possible loopholes in order to avoid or lessen paying the allotted insurance. But if they want clients, they will give you good flowery words just to get their insurance. But here when it comes to blockchain tech, I haven't seen any insurance company that is successful integrating blockchain.

[hello_good_sir]

DAO will definitely be the solution in my opinion.

There are so many insurance frauds in recent days and decentralizing the whole industry just makes a lot more sense to ensure that fraud is kept to a minimum and any insurance claims are processed in a fair and reasonable manner.

Although, there needs to be a good protocol that comes out that allows this to occur, because security of funds is definitely one of the foremost concerns on everyone's mind when participating in a DAO of this nature.

[browsiek]

DAO will definitely be the solution in my opinion.

There are so many insurance frauds in recent days and decentralizing the whole industry just makes a lot more sense to ensure that fraud is kept to a minimum and any insurance claims are processed in a fair and reasonable manner.

Although, there needs to be a good protocol that comes out that allows this to occur, because security of funds is definitely one of the foremost concerns on everyone's mind when participating in a DAO of this nature.

For now, maybe people prefer the factor of trust voting the most because we all know that insurance companies are regulated in state laws, although they are complicated and slow, but insurance companies are quite complex and the legal rules are clear in the country so many believe it compared to DAO which does not have state laws and is decentralized so it has a considerable risk at this time, but it does not rule out the possibility if the state adopts the DAO and it is regulated in its laws clearly I think people will choose DAO, because the advantages are that it is easy and fast and also not complicated.

[CaVO32]

DAO will definitely be the solution in my opinion.

There are so many insurance frauds in recent days and decentralizing the whole industry just makes a lot more sense to ensure that fraud is kept to a minimum and any insurance claims are processed in a fair and reasonable manner.

Although, there needs to be a good protocol that comes out that allows this to occur, because security of funds is definitely one of the foremost concerns on everyone's mind when participating in a DAO of this nature.

The concept is great but the actual implementation would be hard as it depends on the insurance company if they will adopt the DAO system or not. There are benefits of being transparent as it will hasten the long process in the insurance industry. If one big company will showcase the use of blockchain tech and show how they are doing and performing, it may be a very good example so these insurance companies will follow thru. There are already several insurance companies that are integrating blockchain tech in some of their operations. But no known big insurance company is known to have fully integrated blockchain tech up until now. I like blockchain tech owed to its transparency nature, because the adjusters or third party experts are prone to human bias.

[paxmao]

If your project depends on an existing stablished insurance company to change their models and adopt some newer technology, you can directly forget about the whole project an move to something else. The insurance companies thrive in obscurity, unclear conditions, fine print, elaborate contradictions and back-checking on claims. DAO, blockchain and other are exactly about the opposite, that is, if the tech itself can provide any realistic benefit.

[gantez]

If your project depends on an existing stablished insurance company to change their models and adopt some newer technology, you can directly forget about the whole project an move to something else. The insurance companies thrive in obscurity, unclear conditions, fine print, elaborate contradictions and back-checking on claims. DAO, blockchain and other are exactly about the opposite, that is, if the tech itself can provide any realistic benefit.

Given that the insurance template are difficult to maintain but that may not mean their are no projects that can take care of that. It looks like a new area for cryptocurrency but not for human being. It enquiry will be fulfilled by cryptocurrency in the near time if not in existing already.

[timerland]

The concept is great but the actual implementation would be hard as it depends on the insurance company if they will adopt the DAO system or not. There are benefits of being transparent as it will hasten the long process in the insurance industry. If one big company will showcase the use of blockchain tech and show how they are doing and performing, it may be a very good example so these insurance companies will follow thru. There are already several insurance companies that are integrating blockchain tech in some of their operations. But no known big insurance company is known to have fully integrated blockchain tech up until now. I like blockchain tech owed to its transparency nature, because the adjusters or third party experts are prone to human bias.

You don't necessarily need the established insurers to adopt this model though.

There are plenty of high tech disruptors like Insurance and Nexus Mutual that are already doing this, providing insurance on DeFi applications for example.

So many possibilities, but it obviously depends on how much you trust a decentralized organisation to pay you out when everything is going south.

[gormaljiep]

Insurances are very important for people and mainly for the economy. However, even if there are a lot available on the marketplace only a few of them do what they promise. It took me some time to find a good insurance company for my bike without which I do nothing. In the end, while surfing on the Internet I came across this site which offers the best bike insurance policies and I have never regretted that I have chosen it. Plus, it has the best specialists.

[Sirait]

I have a car that is registered with one of the insurance companies in my city but I can't claim the damage due to unreasonable reasons from them. Since that I have become more and more convinced that insurance companies are just a soft-scam, they promise claims will be easy, but in fact they make it difficult. btw, DAO concept is very good, if there is DAO based insurance then I will definitely join in.

[TimeTeller]

I have a car that is registered with one of the insurance companies in my city but I can't claim the damage due to unreasonable reasons from them. Since that I have become more and more convinced that insurance companies are just a soft-scam, they promise claims will be easy, but in fact they make it difficult. btw, DAO concept is very good, if there is DAO based insurance then I will definitely join in.

This is the usual problem of the insurance buyer. These agents will promise anything just to sell a policy.
But when it comes to claiming, as much as possible they will find loopholes not to pay.
So instead of peace of mind, you will get a headache for not getting what is owed to you.
However, I haven't seen a successful blockchain insurance company dealing with car insurance or even the comprehensive health insurance.
This should address the transparency as you will see all your transactions via blockchain.
I think, if there will be this kind of blockchain tech insurance company within your locality, people may patronize it.

On the other hand, the OP has not returned yet on this thread. So I am assuming he is not successful with his attempt on this industry?