Is Centralization the Enemy to Fair Insurance?- Ahmad Imira

Takatalks

Let us know what you think of this episode

Summary(Season 2, Ep5):

Leila and Ahmad discuss the importance of life insurance and the challenges in selling it. They compare conventional insurance, which has high costs and centralized control, to Takasure, a decentralized and transparent community-based fund. Takasure, owned by its members, uses smart contracts and algorithms to process claims and offers a fairer, cooperative insurance model.

For more stories on Financial systems, Crypto, and the Islamic economy, sign up for our Newsletter here: Takadao

Takeaways:

• Life insurance is the most important insurance as it provides a safety net for individuals and their families.
• There is a fear towards insurance due to concerns about the trustworthiness of insurance companies and the complexity of insurance policies.
• The accessibility of insurance can be limited in certain areas, particularly if it is not economically viable for insurance companies.
• Claims management in conventional insurance is centralized and can involve conflicts of interest.
• Takasure is a decentralized and transparent alternative to conventional insurance.
• Takasure is a community-based fund that uses smart contracts and algorithms to calculate and approve claims.
• Takasure is owned by its members, who receive a benefit multiplier on their contributions and share in any surplus of the fund.

#insurance #life insurance #reinsurance #conventional insurance #Takasure