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For the last 100 years, innovation in the insurance industry has come down to who could make the funniest TV ad 🦎
With #web3 there is finally room for some REAL innovation in the insurance sector
A thread 👇
With #web3 there is finally room for some REAL innovation in the insurance sector
A thread 👇
2/ Traditional insurance is fairly simple:
You acquire a policy which covers a specific type of loss (e.g. general or professional liability, worker’s comp, etc.), up to a designated limit.
You make payments, called premiums, at regular intervals to keep the policy active.
You acquire a policy which covers a specific type of loss (e.g. general or professional liability, worker’s comp, etc.), up to a designated limit.
You make payments, called premiums, at regular intervals to keep the policy active.
3/ Simple enough, right?
Well, probably not. Because if a triggering event occurs, how do you collect on the benefit of your policy?
The answer is, you must go through a lengthy and sometimes frustrating affair known as the claims process.
Well, probably not. Because if a triggering event occurs, how do you collect on the benefit of your policy?
The answer is, you must go through a lengthy and sometimes frustrating affair known as the claims process.
