The insurance industry has become an increasingly cost inefficient market sector. Large proportions of policyholders’ premiums are spent on many other things than paying claims to the ones that suffer a loss. Typically insurance companies spend a substantial part of their premium income on things like tall office buildings, an immense labour force, multiple – mostly redundant – management layers and legacy IT systems.
Sagittae has developed a new model of risk protection based on blockchain technology. It is a decentralized alternative to traditional insurance, completely eliminating the need for expensive and bureaucratic insurance conglomerates and costly middleman structures.
A New System For Risk Sharing
We have decomposed the traditional insurance value chain and created an entirely new system for risk sharing. In this system affinity groups can organise their own financial protection through digital peer-to-peer contracts for risk sharing. We use the Ethereum blockchain…