Article Synopsis :
Despite little evolution in the centuries since its inception, the insurance industry is lucrative due to the must-have nature of its products, says this DBD (Day By Day) paper.
For instance, in 2016, on average, $638 was spent on insurance premiums by every individual in the world.
Global direct insurance premium markets added up to $4.6 trillion, the equivalent of 6.3% of global GDP. While emerging markets were the main source of 3.1% year-on-year global growth.
And yet, despite this growth, the industry has fallen behind with technological innovation, reliant on new versions of old products. Things need to change and DBD believes it will be a catalyst for that change.
DBD has developed a platform that catalogues and registers assets and valuables via blockchain, and plans to use this to “change the insurance industry forever by introducing a personalised, flexible and transparent insurance experience that rewards its members”.
Registration and cataloguing of assets and valuables will be made simpler and claims processing all be greatly simplified as content ownership is already verified.
The platform will retrieve real-time insurance quotes, quickly matching members with insurance providers. Over time, members’ insurance needs will be driven day by day, as they will be able to specify the cover they need and for how long.
In addition to simplified claims, members can be satisfied that they are carrying exactly the right amount of cover for their valuable assets.
Member engagement will be rewarded with DBD tokens. These can be exchanged for alternative currencies on listed exchanges. Tokens will also be integrated into the insurance ecosystem so they may be used as currency in the future for purchasing insurance cover.
Products will become more flexible and personalised through integration with innovators in home monitoring security systems, automotive telematics and physical health applications in the future. Eventually, members will have access to truly dynamic policies.
Tell ‘em about the honey, Mummy
DBD has identified three key revenue streams – through delivering data analytics and insights, connecting members with providers and premium access for insurance providers to the DBD platform.
It has developed a minimum viable product (MVP) and is testing:
- fast claims processing and verifying content ownership;
- determining adequate coverage for assets and valuables is achieved;
- that members receive token rewards for the accurate and timely management of their data.
The core features of the DBD platform include:
- member asset registry.
- reward token management
- reverse market bidding process for insurance providers.
- insurance premium calculator.
- artificial intelligence (AI) for data analysis on activity captured.
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Digital Insurer's CommentsThis is less a white paper than a letter of intent.
Here DBD is not only letting the market know that it is here with its blockchain platform, but it is going to singlehandedly revolutionise the insurance industry.
While everyone else seems to be talking of the benefits of blockchain, here, at least, is an example of a company trying to make a difference.
We wish them the best of luck and will watch their development with interest.