The traditional insurance industry is a very centralized and complex one. Consumers have to go through insurance companies in order to take out coverage and this can often lead to additional costs associated with this middleman. Additionally, the process of even having claims investigated and getting the agreed compensation can be time-consuming and stressful for the consumer.
Now, Bridge Mutual is taking on this industr by offering decentralized insurance services to its users. Leveraging the power of blockchain, the platform allows anyone to buy and sell insurance coverage, file claims, and receive payment should they be approved. This is done through a number of innovative services.
So what are the Key Features to look at?
- Discretionary insurance application: Bridge Mutual features a decentralized insurance-like interface that allows users to insure each other. Essentially, users can navigate the interface and seek out other users that offer the type of insurance that they are looking for at a price that they can afford. This cuts out the often tedious process of consumers speaking to multiple insurance brokers simultaneously in the hopes of finding one that they are compatible with.
- Public interaction with claims: Blockchain is all about trust and transparency and Bridge Mutual is all about this. Any claims made are added to the central blockchain and the public is able to view and assess it. This also applies to the investment of funds by users. This fosters a sense of trust among users and ensures that menial fraud takes place.
- Voting on claims: Traditionally, when a consumer makes a claim to an insurance company, it is investigated internally and a decision is made solely by the insurer. Using Bridge Mutual, all claims that are made go through a three-stage voting process. Each stage in this process is enforced with rewards and punishments and this helps to ensure efficient and honest voting. As a result, the likelihood of a fraudulent claim approval or denial is significantly reduced.
- Smart contract use: All transactions carried out on Bridge Mutual are done using smart contracts. This means that the paying out of approved claims, payment of premium, and so on are carried out automatically by the smart contracts. This helps to reduce incidents of late or missed payments due to human error and helps to inspire confidence among users of the platform.
- Fast turn-around time: one of the biggest complaints among those who pay for insurance is the long period of time that it takes for claims to be approved and paid out. Bridge Mutual combats this by making their application process as streamlined and easy to navigate as possible. The process of voting and approval of a claim is usually under six weeks, which is significantly shorter than periods recorded in the traditional insurance market.
- Virtual Processes: Consumers no longer have to deal with visiting insurance offices, going to banks, or engaging the services of lawyers in order to access insurance services. With Bridge Mutual, all the necessary processes are conducted online and this saves great time, money, and effort on the part of the consumer.
- No KYC: Users of the platform are not required to provide identification and as such, those wishing to retain their privacy can do so with ease
- The process of approving claims is much faster than traditional insurance-taking less than 6 weeks on average
- Claims go through a three-stage voting process, ensuring efficiency
- It is cheaper for consumers due to the lack of middlemen
- The use of smart contracts ensures efficiency and prevents fraud
- There is no need for physical contact between the insurer and the insuree
- The lack of KYC means that all parties can maintain their privacy during the entire process
- Claims and investments are publicly available for all to see, ensuring transparency
- Ease of accessing insurance services, especially for underrepresented demographics
- The platform is non-custodial, which means that Bridge Mutual team members cannot access user funds
Bridge Mutual is offering a disruption to the traditional insurance market by giving consumers easy access, greater protection, and more privacy than anything else on the market.
Author- Rony Roy, Twitter: @cryotekgaming
Originally published at https://fairumcommunity.medium.com on December 5, 2020.
Get in Touch with Bridge Team & Community
If interested, you can follow Bridge Mutual’s developments & announcements, or even be actively involved in the community, by following or joining the channels listed below:
🔹 Website: www.bridgemutual.io
🔹 Medium: https://medium.com/@bridgemutual
🔹 TG Community: https://t.me/bridge_mutual
🔹 TG Announcements: https://t.me/bridgemutual
🔹 Twitter: https://twitter.com/Bridge_Mutual
🔹 Discord: https://discord.gg/ZB6VKNYMEA