Megaphone
Thanks to all these concepts who now permeate our daily routines all of a sudden , the global insurance industry has no longer one single plausible reason why it remains so stubbornly entrenched in the same “ consensual rape ” paradigm born out of the economic necessities and landscape of the early 20th century . So why are insurers quite happy doing the same thing they did 150 years ago and have no intention to change anything ?
# 01 Megaphone 04
The simple answer to this question lies in the following far more relevant question – why has nobody yet launched a major peer to peer insurance platform utilising blockchain methods for each and every aspect of providing fair and efficient insurance ? Why there is no insurance version of Bitcoin or Uber ?
There is not one single financial or technical barrier to launch such an insurance platform . Imagine your blockchained insurance policies being handled and managed via such a platform . You reach for your smartphone and in a few seconds you can take a look at all the most important indicators shaping both the current price of your , say , dynamic car insurance policy ( where you pay the exact and fair price of the risks you generate while driving ) as well as all the main indicators of the insurance platform itself in its capacity as a business , including the level of reserves , fluctuations in claims , profitability and suchlike . With such an imaginary platform we could witness in real time the “ butterfly effect ” that will always be an inevitable part of highly complex financial and insurance ecosystems . Edward Lorenz , the mathematician who is behind the formulation of the butterfly effect , referred to processes where a miniscule fluctuation of one element in a highly complex system can trigger a train of events leading to colossal consequences .