[EP110] - Can blockchain save us from Insurance hell?

Hi everyone!
Hope you're all well!

So... it's been 7 weeks since our kitchen water-exploded, and as you can see, not a single thing has been done to fix it. The delay is 100% the Insurance company's fault. Their payout is literally 1/5th of the cost we're looking at to rebuild the kitchen, and so we can't start until we get them to go through the whole inspection and quotation process again, and of course they don't want to do that so they're making us wait...

I imagine it's a good tactic, even if 50% of their customers break and pay for the repairs themselves, they've made a profit... but it's really made me think about their competition, and in particular a blockchain insurance solution.

Basically, I think it would work like this. Someone sets up an Insurance DAO (Decentralised Autonomous Organisation) that has smart contracts. People pay into this organisation and by doing so, get voting rights, they can vote proxy to professionals if they like, or make decisions themselves.

When someone makes a claim, the DAO creates a smart contract for the Inspector to go out who submits a report to be voted on. If the voters agree that the insurance claim is legit, then it's automatically processed.

The creators, the voters, the blockchain miners, the inspectors and builders are all paid by the annual insurance premiums... but that's it. No share holders, no profit-taking, no administrative bloat.

What do you think?

Thanks for watching!