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RE: CryptoKitties Give-A-Way~~~~Virgin Pair
Smart Contracts and the Insurance industry will be huge in my opinion.
A claim can typically take weeks to months to complete and the process is done with manual human interaction. The claims process in its current state is a factor in insurance premiums due to the cost associated with filing claims manually. Streamlining and automating the process with smart contracts would reduce insurance costs and the process time for claims. Triggering an automatic execution of the contract based on pre-agreed terms would reduce time and money involved in processing a claim.
@rawdawg What would they have to do in order to make the final process of insurance claims work better on Smart Contracts? Would it lead to higher premiums?
Smart Contracts would lead to lower premiums for the consumer as the cost of processing claims would be reduced. This has been tested on a small scale already, the company AXA is using smart contracts for flight delay insurance.
http://www.businessinsider.com/axa-turns-to-smart-contracts-for-flight-delay-insurance-2017-9
IMHO, if smart contracts are successful in smaller areas of insurance such as "flight delay" we will see wider adoption as firms begin to catch on to smart contract capability.
Good info, thanks for a real world example