Nice overview, for inspiration. In this model, the use of smart contracts in the insurance market would not have to be limited to the example of p2p crop-like insurances, but could virtually be used for all insurances. Especially if one will be able to pool the amounts that individual investors are willing to invest in the crowdfunding model to minimize the impact per investor in case of a major event happening.
A new, blockchain enabled, business model in the insurance branch In this opinion article I’ll discuss a possible business model for the insurance industry that could be the basis for a true peer2peer (p2p), crowdfunding model, based on blockchain technology. There is a shift going on in the financial sector. The steep rise of the Fintech industry where investments went up eight fold in the past 5 years to almost $20 billion dollar is causing unrest within traditional companies. One of the most interesting developments in the Fintech industry is without a doubt blockchain. There are already many examples on how blockchain could impact and impacts the banking industry, especially payments services and security and commodity trading.