Insurance premiums are one of the costliest products in the market for health, auto, etc. and a couple of people are far too aware of unclaimed insurances which later become benefits to the traditionally known insurance companies. Well, if there is going to be a change, how can this centralization and management of this funds be handed over to the hands of the owner to be claimed instantly? Well look no further, let’s consider how decentralization could help
Decentralizing Insurance
A decentralize insurance platform will most likely run on a decentralized platform. This decentralized insurance system does not rely on a centralized system. This means that payout is almost automatic. This will automatically cut out the claim process and pay automatically.
Also, there is no sum game as this platform do not charge for the scheme. The insurance holder really has no business with the profit margin which the insurance companies would have been after in the traditional insurance schemes.
The decentralized insurance system also offers insurance to people on a transparent platform. This ensures for fair and open transactions to take place. Even though its insurance, you will really want to know how your money is being spent right?
The most important and fascinating part of these decentralized insurance schemes is that it is accessible to everyone from around the globe.
As a cherry on the icing, the insurance scheme on decentralized platforms is usually much cheaper than the normal traditional insurance rate. These features of decentralized insurance promise to improve efficiency, lowest possible cost of operation and openness of transactions.