3 Reasons why I believe decentral insurance products will achieve mass adoption quicker than expected
Many unique, niche products. Due to low cost of new product development, a decentral insurance protocol enables creation of long-tail insurance products.
Low cost insurance product. In 2016 the insurance industry took a 44% cut from premiums paid by consumers hoping to share risk with other consumers. Many entrepreneurs and developers would be happy with a smaller cut which they now can receive without rent-seeking intermediaries. An existing insurance company is unlikely to be interested in a $50M market, however a 20-year old data scientist from China may very well be interested in receiving 3-5% of revenue of insurance company in the EU selling a niche product into $50M market.
Ability for consumers to earn crypto by sharing information about their risk. For the first time, end-users will be able to earn crypto for sharing information about themselves, their insurable property.
What do you think?
Submitted June 10, 2018 at 03:02AM }
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