this has the potential to bring down insurance admin costs. but a big part of insurance admin costs go towards fraud detection and prevention. The whole UW and claims process is essentially focused on that one thing - fraud detection. This is a great concept in theory; it'll be interesting to see how this develops further to accommodate some practical ground realities in a conventional insurance scenario
VERY good and fundamental. I watched it over a year ago when I was getting in, fast forward I know more and now it soaked in- Your work is GREAT! I bet when we are forced into a CBDC they’ll go up exponentially as people try to get into crypto, unfortunately likely too late 🤦🏾♂️
@@Interaxis well I’m trying to figure out what it all means if we are outside of the CBDC system and how we can operate apart from it… but it’s not clear
Cool video. I´ve been working in this new second layer monetary system and this kind of Defi-protocols are very cool to add to the project. Thanks my friend, you are helping the world to became a better place, a descentralized one
Crypto Insurance are in need right now, specially the recent event on defi hacked happened.😥 Insurance Finance is an insurance within the crypto community.❗ Insured Finance users can insure their holdings on a cryptocurrency exchange, If the exchange is hacked or experiences bankruptcy, users with coverage are compensated.👌
How much do you think would be the start up cost of opening up a crypto insurance company today if you had to guess based on your research? Love the channel. Great video.
Hello I am a developer and I am really interested in this defi insurance. I would like to understand how the oracle is communicating with the blockchain?
Hi Amine. I'm really not a developer so can't give you a decent answer. I would reach out to the Discord groups for NexusMutual and EtherRisc. They can probably help more than we can.
Thank you. That's a good question. Currently there are few "products" so there are no brokers. We can speculate that the idea of brokers or agents won't be the same for many of these insurance options, especially since the idea of DeFi is to cut out the middlemen altogether. I think Decentralized Insurance will have the ability to be highly customized, so something like an agent will be more tech focused - trying to match the need with the funding, and appropriate oracles.
Hmm. How would decentralized Medical Insurance work? 🤔 Medical Providers currently recieve majority of claims payments from insurance companies and/or Federally-Funded Medical Payors(Medicare or Medicaid) proagrams.
Imagine a car gets into accident. How will the payout happen algorithmically. There's a reason why an agent verifies the accident location and multiple other details
Hi I'm the CEO of an insurtech focused on microinsurance for sport accidents. Your video is really interesting, the bottleneck is distribution, moreso in a developing economy. Im also on the board of directors of the Mexican insurtech association, would love to have a talk, where can I reach you?
Hi Oscar, that's a really interesting insurance opportunity. Let's try to talk soon. Easiest thing to do is to go to our website - interaxis.io - and fill out the Request Consultation form. That will go to my email.
What if in for example I’m a farmer and I decide to cover the rain gauge with a lid and it detects that I have had a drought- would I be still paid out? Is there someone that will come to confirm issues have actually occurred and the prerequisites needed for the oracle have not been tampered with. I imagine the same could be done for a fire, car accident, whatever.
The insurance will work with the oracles, and the insurance smart contracts will be based on certain oracles (again, this is mostly theoretical at this point). There will be a way to verify the data. If there is only 1 oracle, like a single rain gauge, there will most likely not be insurance issued.
Too bad this will not work on most cases. There are too many variables that needs to be considered. AI will never gonna tell a person is lying unless he goes to lie detector test.
VERY VERY elementary explanation NEEDED in this new way of thinking. Learning to literally “vaporize” assets to become concept
this has the potential to bring down insurance admin costs. but a big part of insurance admin costs go towards fraud detection and prevention. The whole UW and claims process is essentially focused on that one thing - fraud detection. This is a great concept in theory; it'll be interesting to see how this develops further to accommodate some practical ground realities in a conventional insurance scenario
VERY good and fundamental. I watched it over a year ago when I was getting in, fast forward I know more and now it soaked in- Your work is GREAT! I bet when we are forced into a CBDC they’ll go up exponentially as people try to get into crypto, unfortunately likely too late 🤦🏾♂️
Thank you so much. Hoping we won't be forced into CBDCs
@@Interaxis well I’m trying to figure out what it all means if we are outside of the CBDC system and how we can operate apart from it… but it’s not clear
this is absolutely clear, I don't have to read document anymore
Cool video. I´ve been working in this new second layer monetary system and this kind of Defi-protocols are very cool to add to the project. Thanks my friend, you are helping the world to became a better place, a descentralized one
Ever thought of making a video on how to open a crypto insurance company? Great video.
Wow what a great detailed video so easy to understand. Thanks 🙏🏻 for the hard work subbed.
You’re welcome. Glad it makes things easy
Love your clear and detailed explanation... Hopefully more people will see this.
Crypto Insurance are in need right now, specially the recent event on defi hacked happened.😥 Insurance Finance is an insurance within the crypto community.❗ Insured Finance users can insure their holdings on a cryptocurrency exchange, If the exchange is hacked or experiences bankruptcy, users with coverage are compensated.👌
Thanks for the informative video!🤩👍 The Insurance I trust which is a great combination of crypto + traditional insurance is Polka cover.
great video, thx for the info. glad to stumble on your channel. Subs for sure
Thank you so much. Glad you found us.
Thank you for explaining this so well.
One of our favorite topics.
this was great! thank you. I'll be making my own video on this as well
Nsure Network will be huge 👊🚀 buy and hold 🔥🔥🐳
Easy explanation as always.
Could you also make a video explaining $CVR?
Heard it is gonna be the first-ever insurance aggregator in the crypto space.
How much do you think would be the start up cost of opening up a crypto insurance company today if you had to guess based on your research? Love the channel. Great video.
Love your vids
Thank you...writing a blog post about this now.
Thanks for this content.
What happens to the pool if there is no claim?
It's be great if it accrued interest
Incredible. Thanks a lot. Sadly it has only 3k views while people are buying dogecoin lol. Their mistake
Great video. Do you think insurance agents will one day be a thing of the past? Same with realtors too?
Thanks for the wonderful insight, l would like to understand something.
Is the oracle like an instrument with underwriting considerations?
How does decentralized agriculture insurance works
Hello I am a developer and I am really interested in this defi insurance. I would like to understand how the oracle is communicating with the blockchain?
Hi Amine. I'm really not a developer so can't give you a decent answer.
I would reach out to the Discord groups for NexusMutual and EtherRisc. They can probably help more than we can.
Great explanation, thank you. Question.. In this model, who is brokering / selling these products? Is there a role for agents / brokers to assume?
Thank you.
That's a good question. Currently there are few "products" so there are no brokers. We can speculate that the idea of brokers or agents won't be the same for many of these insurance options, especially since the idea of DeFi is to cut out the middlemen altogether.
I think Decentralized Insurance will have the ability to be highly customized, so something like an agent will be more tech focused - trying to match the need with the funding, and appropriate oracles.
Hmm. How would decentralized Medical Insurance work? 🤔 Medical Providers currently recieve majority of claims payments from insurance companies and/or Federally-Funded Medical Payors(Medicare or Medicaid) proagrams.
Such an informative video and it was explained soo easily.
Could you also make a video explaining $CVR??
This was beautifl
So kind. Glad you enjoyed
Imagine a car gets into accident. How will the payout happen algorithmically. There's a reason why an agent verifies the accident location and multiple other details
Hi I'm the CEO of an insurtech focused on microinsurance for sport accidents. Your video is really interesting, the bottleneck is distribution, moreso in a developing economy. Im also on the board of directors of the Mexican insurtech association, would love to have a talk, where can I reach you?
Hi Oscar, that's a really interesting insurance opportunity. Let's try to talk soon. Easiest thing to do is to go to our website - interaxis.io - and fill out the Request Consultation form. That will go to my email.
What if in for example I’m a farmer and I decide to cover the rain gauge with a lid and it detects that I have had a drought- would I be still paid out? Is there someone that will come to confirm issues have actually occurred and the prerequisites needed for the oracle have not been tampered with. I imagine the same could be done for a fire, car accident, whatever.
it's mor elike there will be satellite data or sensor data used for that region. I imagine in a scale that it can not be maipulated that easy
The insurance will work with the oracles, and the insurance smart contracts will be based on certain oracles (again, this is mostly theoretical at this point).
There will be a way to verify the data. If there is only 1 oracle, like a single rain gauge, there will most likely not be insurance issued.
@@Interaxis interested to see how they do it!
Too bad this will not work on most cases. There are too many variables that needs to be considered. AI will never gonna tell a person is lying unless he goes to lie detector test.
check $INFI Insured finance