P2P insure

Mutuals were orginally set up by communities of people with shared interests to protect each other. Mutuals allow peer-to-peer cooperative insurance. Currently creating a mutual insurance is hard for groups who have no/little access to insurance markets or believe they can self insure more efficently. We want to enable people to be able to create thier own peer-to-peer insurance policies and we are going to use the blockchain to do it.

Us:

Ed, Dave, Peter (and nic for a bit). We're new to Blockchain and etherum :)

Potential use cases

• People where traditional insurance gives them a higher risk profile than they feel should have: For example highend sports cars owners who get higher insurance premiums but who are more likely to be safer drivers because they are obessed with thier cars
• People in developing countries with micro-businesses where traditional insurance compaines do not cover thier risks: For example a village self insuring each other for
• Insuring things which insurance companies struggle to value but the community can: for example niche pottery collections

Why block chain

• Naturally decentralised
• Trustless - Don't need to trust a central authority (unless you pick an adjudicator)
• Process efficency: Payments are automated and claims process (guarantee of playments)
• Low cost of running: No need for servers, databases

What are the issues

• Claims handling: We plan to resolve this by giving people a choice on how to do it
• Premium pricing: we initially use a fixed premium but based off claims data we adjust the premium. This can be coded into the smart contract.
• Depletion of pool: We plan to resolve it by 50% of the premiums of a pool going to a central pool which can be used to cover any losses when the pool

What we've built

We plan to build a front end demostrating the process of setting up a policy p2pinsure.sol - This is our contract that represents a created peer-to-peer insurance policy:

• Create - Creates the policy
• The policy can then be joined (by invite only or open to everyone)
• Claims can be made via blockchain
• Claims can be resolved one of three ways decided when the policy was created
  • Voting
  • Independent Adjudicator
  • Automatically through an oracle

Todo

• UI
• Uploading policy document to IPFS
• Move funds from policy pool to central pool

Build and run

using https://github.com/makoto/london-ethereum-codeup/blob/master/tutorials/truffle.md as setup

blockchain: in a window testrpc in another window truffle compile --compile-all truffle migrate --reset

website: cd: .\p2pinsure npm run build npm run dev