Life Insurance and Blockchain - page 2.

dzonikg28

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Quote from: carlisle1 on December 02, 2021, 07:43:23 AM

Quote from: barbara44 on December 01, 2021, 05:03:55 PM

Quote from: ninis45 on November 30, 2021, 06:35:15 AM

Until now, my family and I have never signed up for any insurance and probably never will because I don't believe in them and most of them talk sweetly to their clients, telling them the advantages that will be obtained when joining and preying on those who don't carefully read the rules. which has articles that in some parts are detrimental to one party, because this happens a lot in my country

Depends on where you live obviously. I have been in an insurance ever since I hit 18 and will probably be in insurance for a very long time as well. In my nation if you do not have health insurance then you are going to either use the free government health clinic, or you could get insurance and have free in any private hospital ever. The difference between the free health clinics and private hospitals are night and day.

I had a family member that got cancer very recently, since she had insurance she was capable of getting free private hospital care (which was amazing) and between learning she has cancer and getting the surgery was just 6 days, on 7th day she was out of surgery and relaxing in her hospital bed, in 2 weeks after learning she was back at home, now she is going to get chemotherapy for 6 months (once every two weeks) and that is what insurance can bring you here. Maybe in other nations it could be different. Plus there are way more different insurances then just health as well.

If you understand the usages of this service and you are very capable to pay, it will help you a lot in terms of assistance.

Paying a monthly contributions secure your spot in any emergency that may happen. If you are a practical type of person you will avail this

kind of service. Some see this as good advantage while other see this as extra expense. Roll Eyes

Good points but claiming what you (or your family) actually deserve sometimes can really be a cumbersome and time consuming process. That is probably one of the major issues when people need to decide either against or for a life insurance. Not only are you insuring yourself in order to make sure that your family is safe is something happens, but you are also betting on the company actually paying out that money.
I just took the headline of OP by his word. Everyone should have a health insurance and that stuff usually works out smoothly in most of the countries around the world I guess. But even in developed countries with a solid banking and insurance sector there can be problems claiming the money.

carlisle1

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Quote from: barbara44 on December 01, 2021, 05:03:55 PM

Quote from: ninis45 on November 30, 2021, 06:35:15 AM

Until now, my family and I have never signed up for any insurance and probably never will because I don't believe in them and most of them talk sweetly to their clients, telling them the advantages that will be obtained when joining and preying on those who don't carefully read the rules. which has articles that in some parts are detrimental to one party, because this happens a lot in my country

Depends on where you live obviously. I have been in an insurance ever since I hit 18 and will probably be in insurance for a very long time as well. In my nation if you do not have health insurance then you are going to either use the free government health clinic, or you could get insurance and have free in any private hospital ever. The difference between the free health clinics and private hospitals are night and day.

I had a family member that got cancer very recently, since she had insurance she was capable of getting free private hospital care (which was amazing) and between learning she has cancer and getting the surgery was just 6 days, on 7th day she was out of surgery and relaxing in her hospital bed, in 2 weeks after learning she was back at home, now she is going to get chemotherapy for 6 months (once every two weeks) and that is what insurance can bring you here. Maybe in other nations it could be different. Plus there are way more different insurances then just health as well.

If you understand the usages of this service and you are very capable to pay, it will help you a lot in terms of assistance.

Paying a monthly contributions secure your spot in any emergency that may happen. If you are a practical type of person you will avail this

kind of service. Some see this as good advantage while other see this as extra expense. Roll Eyes

barbara44

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Quote from: ninis45 on November 30, 2021, 06:35:15 AM

Until now, my family and I have never signed up for any insurance and probably never will because I don't believe in them and most of them talk sweetly to their clients, telling them the advantages that will be obtained when joining and preying on those who don't carefully read the rules. which has articles that in some parts are detrimental to one party, because this happens a lot in my country

Depends on where you live obviously. I have been in an insurance ever since I hit 18 and will probably be in insurance for a very long time as well. In my nation if you do not have health insurance then you are going to either use the free government health clinic, or you could get insurance and have free in any private hospital ever. The difference between the free health clinics and private hospitals are night and day.

I had a family member that got cancer very recently, since she had insurance she was capable of getting free private hospital care (which was amazing) and between learning she has cancer and getting the surgery was just 6 days, on 7th day she was out of surgery and relaxing in her hospital bed, in 2 weeks after learning she was back at home, now she is going to get chemotherapy for 6 months (once every two weeks) and that is what insurance can bring you here. Maybe in other nations it could be different. Plus there are way more different insurances then just health as well.

paxmao

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I am afraid these companies are just on the business of filling patents around blockchain "just in case" and probably to prevent others from using it in the future. None of these proposals really adds anything nor justifies the use of blockchain. e.g.

Quote

Metlife who already did a blockchain platform that relates to Life Insurance.
Metlife already have a mobile app called Vitana, that utilized Ethereum to pay out claims to expectant mothers who contracted gestational diabetes.
they are also planning to create "LifeChain" a technology based that will benefit bereaved families, MetLife’s Singapore-based incubator LumenLab is collaborating with Singapore Press Holdings (SPH) and NTUC Income (Income) on a platform of smart contracts known as ‘Lifechain’ to help loved ones quickly determine if the deceased was protected with a policy and automatically file a claim.

This is stupid. A webpage and a normal database serves exactly the same purposes. The disbursement is never going to be fully automated and the speed in claim processing is not improved by using blockchain - it would be much more improved having the right laws into place. All this is a bag of crap.

xSkylarx

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Quote from: Kadal Ijo on November 30, 2021, 11:13:05 AM

Insurance in developed countries is fully borne by the state, but the private sector is given the freedom to invite the public who want to get more value, unfortunately in my country the reputation of insurance is so bad that many people don't want to have insurance.

They are correct in my country as well, but they also have a valid point because the majority of people I know are minimum wage earners whose salaries are only enough to cover their basic needs and nothing else. Additionally, they are telling me that if they ever have extra money, they should invest it in life insurance because it is extremely beneficial in an emergency situation. Likewise, I desire one, but my family and I are experiencing financial difficulties, and our budget is extremely tight. However, if the opportunity presents itself, why not take advantage of it?

Kadal Ijo

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Insurance in developed countries is fully borne by the state, but the private sector is given the freedom to invite the public who want to get more value, unfortunately in my country the reputation of insurance is so bad that many people don't want to have insurance.

ninis45

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Until now, my family and I have never signed up for any insurance and probably never will because I don't believe in them and most of them talk sweetly to their clients, telling them the advantages that will be obtained when joining and preying on those who don't carefully read the rules. which has articles that in some parts are detrimental to one party, because this happens a lot in my country

19Nov16

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Quote from: maisao1991 on July 21, 2021, 11:21:04 AM

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Insurance often has problems when claiming, in my country many insurance companies go bankrupt because when someone claims it is complicated, most insurers give too high promises because they want to get consumers, when they claim they will look for many reasons to refuse and I also have never joined any insurance program.

Wipeout2097

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Its truly awesome to know this segment at long last know the worth of Blockchain.Its genuine generally utilized blockchain to have a helpful installment framework. It is commendable life protections will advantage out of it, Its not like you'll spare rebate or get a cheap life protections in case you pay for crypto. What they will make strides is the framework but not the esteem of any life insurance. Most of peoplee have possess conclusion and may be against around it but in case we know for all intents and purposes it has awesome future in the event that legitimately overseen by the proprietors and make it beyond any doubt to belive in protections produt to the communiy.

swiftbits

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Insurance is one of the aspects of financial management that I need to consider. It would be a challenge for me cause it doesn't give a good impression to me as I see clients' dissatisfaction. I planned to start at the basic package and would continue along the way. Blockchain-based insurance might change my views on it, but let's see its implementation, not everyone is open to the complexity of blockchain.

perfect999

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Insurance is basically taken over by government in many nations, like for USA you need to have health insurance AND still pay a lot of money, in other nations you pay a higher tax (sometimes even lower tax because that nation doesn't spend 800 billion dollars on military) and all of your health stuff is paid, hospital visits, doctors, pills, drugs everything is paid because you paid tax.

Now this means is that insurance is not something that the world needs, it is a business that governments can cover pretty easily, in my nation we even pay for earthquake damages to our government and whenever there is an earthquake that crumbles a building, government builds a new one, still a horrible feeling to have your house go down the ground but at least you will not be homeless and that's good. So, blockchain should not be involved with insurance because insurance should be gone already.

oHnK

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Quote from: TimeTeller on August 29, 2021, 04:24:14 PM

I believe, the success can be attained if the insurance company is already existing as they just need to develop their system according to blockchain technology .

I don't think that insurance is a wise choice to have. Insurance and investment are two different things. I wonder why people are willing to pay so much just for the risk they don't want. For example accident insurance, life insurance, health insurance. Even though we know how to invest in a good way to get a return instead of depositing money with the insurance company and letting them use our money to cover other people and so on. No matter what technology is used, insurance will not be far from my words as above.

Victorycoin

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Blockchain life insurance addresses these challenges by working in a shared decentralized account that helps align stakeholders in a single system that provides access to relevant information with everyone. This is especially helpful insurance for which a simple, sector based system allows individuals to monitor the funds they are considering. Blockchain encourages greater accountability, with reporting processes that can permanently penalize funds that do not follow the results in writing in a shared ledger insurance helps entrepreneurs in bad times.

Russlenat

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For me, this is good, because it promotes transparency and it's easy for the clients to complain if they don't qualify for the insurance while they are paying their premiums. Maybe for some, it's quite complicated but in reality, it really reduce the work, it will not only help the company to reduce manpower but to gain confidence among their clients because of the TRANSPARENCY that we don't get on some insurance providers.

Lubang Bawah

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Quote from: maisao1991 on July 21, 2021, 11:21:04 AM

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

In my country insurance has a bad reputation, many claims are rejected, I have also participated in an insurance program and I stopped because I was disappointed when a health claim turned out to have to wait for a difficult procedure, at this time I did not join any insurance program and to cover health costs then I always save and prepare as much cash as I can.

TimeTeller

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Quote from: Natalim on July 23, 2021, 12:10:40 PM

Quote from: Wapfika on July 21, 2021, 08:40:08 PM

Quote from: maisao1991 on July 21, 2021, 11:21:04 AM

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

It depends on the insurance you avail of, usually, life insurance is to ensure that your family gets the insurance when you die, so as an insurer, you'll not enjoy it and you will not regret if in the first place you understand the insurance you sign up. As long as they are a legit company, you should not worry about anything as the authorities will be after them if they'll scam you.

Some insurance has investments plan included, i think that's a good one too, but you need to increase your premium as well.

Before you sign up or avail an insurance package, make sure you read their policy.
Because that's where the problem usually is, if you are not aware of the coverage and the limitations, you will really end up not getting the benefits you think you can avail of.
And yes, you should be very choosy what company you will get this package, much better if you can get it from established company with long years of operations.
There are several insurance-related blockchain projects that were introduced before, but I am guessing, they haven't gained success in the market.
But this will be good if an existing insurance company will integrate blockchain tech not a new company that will try to operate as insurance with blockchain integrated system.
I believe, the success can be attained if the insurance company is already existing as they just need to develop their system according to blockchain technology .

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Quote from: Wapfika on July 21, 2021, 08:40:08 PM

Quote from: maisao1991 on July 21, 2021, 11:21:04 AM

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

It depends on the insurance you avail of, usually, life insurance is to ensure that your family gets the insurance when you die, so as an insurer, you'll not enjoy it and you will not regret if in the first place you understand the insurance you sign up. As long as they are a legit company, you should not worry about anything as the authorities will be after them if they'll scam you.

Some insurance has investments plan included, i think that's a good one too, but you need to increase your premium as well.

Wapfika

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Quote from: maisao1991 on July 21, 2021, 11:21:04 AM

I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Legit insurance company is registered and binded by the law. Maybe your Aunt avail the scam insurance or the insurance agent didn't explain to her the content of the policy. I have many client that already claim on insurance and I always remind them carefully the dos and don't and especially the coverage. I understand your aunt experience about insurance don't categorize them in general. Some pointers to get a perfect life insurance is too avail only to the company that running for a long time. A stablished insurance company will never try to trick there clients.

maisao1991

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I don't believe in what life insurance they promise and offer attractive benefits but when it comes to reality it's not, and I watched my aunt buy life insurance and she regretted it. , so I have a different view of buying such insurance.

Kittygalore

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I think that the six application of blockchain that you just listed is pretty awesome especially the fraud detection given how life insurances becomes more popular in other countries besides USA, this can help a lot although I can't see if blockchain will be able to hold that much traffic if insurance agencies adopted it.

Topic: Life Insurance and Blockchain - page 2. (Read 1093 times)