We all heard about shared economy: people sharing cars, home, bikes, even wi-fi. But why can’t we share our risks and protect each other without insurance companies. We have to pay lots of money because only insurance companies have algorithms for risk assessment, technology and resources.
Smart contract technology enables end-to-end automation of payments, efficient risk model estimation, and semi-automated claims processing, thus substantially lowering operating costs.
"Lower costs enable insurance solutions for developing markets, low-income businesses, and new product verticals which have been previously unable to obtain insurance. For example, crop insurance for rural farmers in developing countries is an underserved market and a good candidate for further exploration."
"Digital assets on blockchains create opportunities to structure exposure to insurance products for a much broader range of investors."