Today we'd like to introduce a startup called Colibra.io and to get your opinion on the issues of modern insurance. CoLibra is a new type of insurance company that uses 21st century technology to make insurance fair and transparent.
A recent survey by PwC in the UK found that more than 70% of people distrust traditional insurance companies, the main reasons being the bad user-experience and the lack of transparency in their prices, terms and conditions.The result is that young people rarely use insurance which leaves them vulnerable to all sorts of risks they could otherwise easily mitigate.
An especially serious concern with insurance today is the conflict of interest that claim handling creates in the case of an insurance event. Traditional insurers regard every claim payout as a loss of profit, which logically makes them seek ways to avoid it. To change that broken model, Colibra is building a decentralized platform that will use blockchain-based smart contracts and advanced AI to decentralize the claim handling process. A crowd jury, independent from Colibra, will use detailed data to decide whether a claim is eligible or not. If they vote YES, a smart contract will automatically trigger a payment to the claimant.
Colibra will be a fully digital, decentralized insurance app and will have a user-friendly, chat-like interface. Their first domain will be travel insurance, to give young people peace of mind when they hit the road. To find more info about their project, see their One-Pager / Whitepaper.
What do you think of Colibra's idea? Can you think of any obstacles for making their plan come true, or perhaps of alternative business models that could make / brake their business? All of your suggestions and recommendations are welcome. Looking forward to hearing your thoughts.