🎆Why Decentralized?

The history of insurance and the problems with the current insurance process lead us to the next question: "Why Decentralized Insurance?"

Did those Chinese merchants imagine a world where digital assets would fly across the world on immutable computer driven ledgers? Probably not. But imagine if they could still share the risk through “contracts” flying across the world on immutable, computer-drive ledgers. Not only would they be able to share their risk with their two fellow merchant colleagues, but with merchants and other businesses all around the world.

Sure, they could do that through an insurance company - but then they are paying the costs and overhead of that company building an infrastructure, team, utilities, etc.

Being decentralized allows that cost to be distributed across the blockchain network, driving down costs and allowing everyone to grab a piece of the insurance investment pie.

When we Say Incentive, You say Loop. Incentive. Loop.

The current state of insurance does not include too much room to incentivize a community approach. You get a renewal. You wonder why it goes up. You ask the company. They defend themselves. The regulatory environment becomes a moat of bureaucracy that restricts innovation. Bottom line: When is the last time you opened up mail from an insurance company and hi-fived the person next to you? Right, it is a disincentive loop that keeps you frustrated and out of choices.

Instead, a decentralized insurance platform creates an incentive loop.

Insureds buy coverage. Underwriters & actuaries work to create the most profitable risk pools. Not for shareholders, but for the members of the risk pool. Claims assessors and appraisers, along with members of the risk pool community, work together to settle claims fast and efficiently [with the help of Nimblr tech, of course]. Capital providers and retail LPs provide capital to keep the system moving. All of them working in a decentralized environment. They are paid for their work; they are rewarded for their participation [yes even for paying premium]; and together, as part of the larger Nimblr community, they are building a more robust and secure future.

Incentive Loop Achieved.