Difference between Centralized Insurance and Decentralized I

Breatess
Posts: 5
Joined: January 24th, 2022, 4:45 pm

Difference between Centralized Insurance and Decentralized I

Unread post by Breatess »

In Centralized Insurance Company, the process of Insurance occurs like :

Assesses the risk
Determines the premium
Determines when the liability should be realized
Assesses the occurrence of damages
and finally offers the payments to the Insured Individuals.
In Decentralized Insurance, the process of claiming Insurance occurs in the following way :

All those processing steps done by the centralized company in traditional insurance is done by smart contracts or computer codes in the decentralized insurance
In the Decentralized Finance based Insurance Ecosystem, these processes are automated through the use of Blockchain Technology, Oracles, Smart Contracts and cryptocurrencies.
Asterixz

Re: Difference between Centralized Insurance and Decentraliz

Unread post by Asterixz »

You're right. Centralized insurance has more advantages, which is why there are more clients in such companies. That's relevant. It's as relevant today as it is to the comprehensive insurance companies, which have a lot of possibilities. I've tested it on my own experience and was able to identify the positive aspects of such a document. It makes sense to me.
mcleanross4

Re: Difference between Centralized Insurance and Decentraliz

Unread post by mcleanross4 »

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Unread post by anderca »

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David Clapper

Re: Difference between Centralized Insurance and Decentraliz

Unread post by David Clapper »

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Re: Difference between Centralized Insurance and Decentraliz

Unread post by Amelie Sadleir »

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