Now, a P2P Insurance Platform That Uses Bitcoin Wallets & MultiSig

Teambrella, a peer-to-peer insurance system that utilizes bitcoin wallets and multi-signature addresses, recently released a demo on its website to show how the self-insurance system works.
Teambrella uses bitcoin multi-signature addresses to allow users to manage the flow of funds in a trustless, decentralized way. It will initially offer supplemental coverage for collision car insurance and pet veterinary insurance, with more types to come.
Members Insure Each Other
Under Teambrella, users insure each other. They retain control over their own funds at all times. Reputation systems incentivize all members to pay one another when needed.
The Teambrella website notes that it has nothing to gain by denying claims. ‘In fact, we simply can’t do that. It’s you and your teammates who have exclusive control,’ it states.
In its white paper, Teambrella notes that a typical automobile insurance loss ratio is about 60% and adjustment expenses make up another 10% percent of premiums, with only half of the premiums paid back to policyholders as reimbursements.

This post was published at Crypto Coins News on 12/09/2016.