Today trust in the insurance industry is at an all-time low. What’s worse, fewer and fewer people are using it to mitigate the risks to their health, business and property. In order to change that, we need to change the business model of insurance itself.
That’s why we are introducing the first Democratic Insurance company in the world - Colibra. Colibra is changing the way we handle risk and treat people when risk manifests.
Colibra is building an open crowdsourced platform on the blockchain for handling non-parametric insurance claims and the payments involved in a transparent, automated and autonomous way.
Our goals are to:
- Bring fairness to the industry by democratizing the claim handling process in order to eliminate the conflict of interest from the traditional insurance model;
- Fix the legendary slowness of insurance claim payments by making them instant and autonomous;
- Reinvent transparency by being the first insurance company, fully open about its solvency.
Colibra’s first domain is Travel insurance.