[EP110] - Can blockchain save us from Insurance hell?
Hi everyone!
Hope you're all well!
So... it's been 7 weeks since our kitchen water-exploded, and as you can see, not a single thing has been done to fix it. The delay is 100% the Insurance company's fault. Their payout is literally 1/5th of the cost we're looking at to rebuild the kitchen, and so we can't start until we get them to go through the whole inspection and quotation process again, and of course they don't want to do that so they're making us wait...
I imagine it's a good tactic, even if 50% of their customers break and pay for the repairs themselves, they've made a profit... but it's really made me think about their competition, and in particular a blockchain insurance solution.
Basically, I think it would work like this. Someone sets up an Insurance DAO (Decentralised Autonomous Organisation) that has smart contracts. People pay into this organisation and by doing so, get voting rights, they can vote proxy to professionals if they like, or make decisions themselves.
When someone makes a claim, the DAO creates a smart contract for the Inspector to go out who submits a report to be voted on. If the voters agree that the insurance claim is legit, then it's automatically processed.
The creators, the voters, the blockchain miners, the inspectors and builders are all paid by the annual insurance premiums... but that's it. No share holders, no profit-taking, no administrative bloat.
What do you think?
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I really do think your onto something there 💪 totally see how it could work and eliminate the need for intermediaries and delays!
Sorry to hear your still fighting with the insurance company, they are buggers when wanting to be!
I am having a battle with WCB for some time missed from work injured. Same deal they delay and ask me to find further details but the catch is if I cannot complete my claim in 6 months I get nothing!
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Thanks man! It feels like whoever could get this off the ground first might make an absolute killing. I think one of the reasons Uber did so well is because most people had horror Taxi stories... and no one I know (including you) has a pleasant insurance story. Most people hate it but are too nervous to go without it... which is totally fair enough.
Sheesh... I've never heard of a timelimit, but that absolutely sucks man... it gives the insurance company even more incentive to dick you around. I'm convinced their main business strategy is to hope you give up chasing them.
Good luck dude! I think all you can do is to be as persistent as possible... cost them money in any way you can until they do the right thing.
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