Colibra aims to use Blockchain Technology to handle Insurance Claims

colibra blockchain insuranceColibra’s mission is to place itself as the first Democratic Insurance company in the world by changing the way it handles risks and treat people when risks manifest. Colibra is building an open crowdsourced platform on the blockchain for handling non-parametric insurance claims and the payments involved in a transparent, automated and autonomous way.

As stated in their proposal:

“Today trust in the insurance industry is at an all-time low. What’s worse, fewer and fewer people are using it to mitigate the risks to their health, business and property. In order to change that, we need to change the business model of insurance itself.”

The goals of Colibra are as follows:

  • Bring fairness to the industry by democratizing the claim handling process in order to eliminate the conflict of interest from the traditional insurance model.
  • Fix the legendary slowness of insurance claim payments by making them instant and autonomous.
  • Reinvent transparency by being the first insurance company, fully open about its solvency.

What is Colibra Insurance?

Colibra Insurance is based on the Ethereum Blockchain. It is a platform for handling insurance claims in a democratic manner by combining crowdsourcing and blockchain with game, choice and voting theory. Colibra will underwrite its own insurance policies, starting with travel insurance.

In addition, the company’s actuarial reserves will be fully transparent 24/7, and claim payouts will be fully automated and autonomous.

How Colibra Insurance Works?

To get insured or submit a claim, clients will use Colibra’s mobile app. Once all necessary documents are submitted, they are digitized. The claim handling is then crowdsourced on Colibra’s platform where independent claim handlers verify the validity of all documents.

Finally, a crowd jury decides whether the claim is eligible for payout via a voting process, governed by smart contracts. Once the jury decides a claim is eligible, another smart contract instantly triggers a payment towards the client.

What Makes Colibra Insurance Different?

Unlike other insurance companies, Colibra is taking a mobile-first approach, by building a mobile app that allows users to personalize their policies, get coverage, make payments (in fiat & crypto) and submit a claim in just a few minutes.

The policy can be activated by answering a set of predefined questions by Colibra’s conversational AI. In the case of Travel insurance, those would include destination, dates, number of people travelling, coverage options, etc.

Colibra’s Blockchain Insurance proposal can be read here.

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