We keep looking for ways that Blockchain technology and Decentralized Finance can disintermediate and save us on fees and friction.

There is not an industry with more excessive fees and friction than Insurance.

Insurance is a pooling of risk. We look at scenarios that are not very likely to happen, but if they do happen, will cause considerable financial harm. We then seek to pool our funds with others so that, should that scenario happen to me, I will receive part of the pool to make me whole.

This has grown from the families in a village creating their own small risk pools to help guard against the loss of a life, to large companies using vast amounts of data to determine risk premiums and stashing huge amounts of cash and investments.

They have made the claims process purposely long and arduous, involving many people and paperwork.

Now Decentralized systems have the ability to utilize data, oracles, and cryptocurrencies to offer Decentralized versions of insurance.

We can outsource most of the functions of large insurance companies to code, and we can therefore create micro insurance products and companies.

This is just a high level overview of how Decentralized infrastructure might affect insurance options in the near future.

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