Help with my Life Insurance Company Startup

[larfme]

Hi,
I am working on a technology project called the BitLifeAndTrust Project.

We are looking for assistance with three things:
Feedback from this community on the idea and ways to make it better.*
Some help in writing the actuaries.
Advisers to the project, who would be paid based on their level of involvement and expertise.*

My team is developing such a contract that will allow anyone to enter into a life insurance contract, pay the premiums and receive the benefit payouts without a traditional insurance company. Agents would be able to assist purchasers in entering into contracts and be paid based off the premiums and "licenced Validators" would validate a death. There are various checks and balances built in and everything is visible and audit-able by regulators.*
The project is being built on a new internet technology called a blockchain, specifically the Ethereum blockchain. Similar to Bitcoin. The blockchain allows a developer to create contracts that are immutable.
I have written a more detailed whitepaper on our website bitlifeandtrust.com
Please take a moment to read it.

Looking forward to your comments and questions.

Michael

I should add I was previously a agent in Life, Health and Disability.*

 

[ncaggie]

How much does a contract cost? What guarantees do a person have you guys would pay? Have you guys ran this buy the DOI for various states?

 

[scagnt83]

Better hope the big guys dont beat you to it! Axa just introduced Ether based flight delay insurance.

 

[VolAgent]

What problem does this solve? The only thing I see is using a digital currency, which I suspect would be a real problem if there is any cash value in the policy.

 

[walthamny]

There is zero chance any State Insurance regulator in the USA will allow this. . You want to sell insurance but you don't want to form an insurance company. I would launch this in a 3rd world country

 

[VolAgent]

There is zero chance any State Insurance regulator in the USA will allow this. . You want to sell insurance but you don't want to form an insurance company. I would launch this in a 3rd world country

I had that thought as well, I am hoping the OP sheds more light on this idea. Also, why the need for validators? Is there a problem with death certificates and the Social Security MDF?

 

[eersfan]

I have some Iraqi dinars for sale.

 

[Ronnie Carter]

Hi,
I am working on a technology project called the BitLifeAndTrust Project.

We are looking for assistance with three things:
Feedback from this community on the idea and ways to make it better.*
Some help in writing the actuaries.
Advisers to the project, who would be paid based on their level of involvement and expertise.*

My team is developing such a contract that will allow anyone to enter into a life insurance contract, pay the premiums and receive the benefit payouts without a traditional insurance company. Agents would be able to assist purchasers in entering into contracts and be paid based off the premiums and "licenced Validators" would validate a death. There are various checks and balances built in and everything is visible and audit-able by regulators.*
The project is being built on a new internet technology called a blockchain, specifically the Ethereum blockchain. Similar to Bitcoin. The blockchain allows a developer to create contracts that are immutable.
I have written a more detailed whitepaper on our website bitlifeandtrust.com
Please take a moment to read it.

Looking forward to your comments and questions.

Michael

I should add I was previously a agent in Life, Health and Disability.*

What's up with the odd use of asterisks? Are you pointing to a footnote I don't see, or what?

 

[scagnt83]

What problem does this solve? The only thing I see is using a digital currency, which I suspect would be a real problem if there is any cash value in the policy.

His company is only doing term insurance. Ethereum contracts would eliminate multiple layers of administration in a way that a proprietary carrier based software can't do.

Insurance carriers are already doing their own pilot projects with it. And investing more and more into it. Investment banks, reserve banks, & other financial institutions are piloting it.
Current value aside, the naysayers usually know zero about the merits if it. There is a reason Axa just created an insurance product using it.

 

[VolAgent]

His company is only doing term insurance. Ethereum contracts would eliminate multiple layers of administration in a way that a proprietary carrier based software can't do.

Insurance carriers are already doing their own pilot projects with it. And investing more and more into it. Investment banks, reserve banks, & other financial institutions are piloting it.
Current value aside, the naysayers usually know zero about the merits if it. There is a reason Axa just created an insurance product using it.

So again, what problem does it solve? What are we eliminating and what are we gaining by eliminating it?

As it stands, I don't see how it would pass compliance with regulators, but it may not be explained well, or it just may need some tweaking.

Also, I am at a loss for what problem it is really solving.