Guest Post By Torque Market:
At a coffee house in London in 1686, Lloyd’s, the world’s premier insurance marketplace, was born. Lloyd’s is not an insurance company. It is a partially-mutualized insurance marketplace where financial backers provide the capacity to underwrite risk. We believe that the block-chain is a perfect modern analog that carries the best of that tradition forward while simultaneously solving some of the largest problems facing the industry today. Given enough time the block-chain will dominate insurance, and the Torque Market is the first attempt to put those innovations to work today.
Imagine you need insurance. You schedule a meeting with a broker. They ask you a few questions. They give you a few options. They disappear for a few weeks and return with your proposals. Then you complete the paperwork, answer questions, and they disappear again for a few months while your policy is underwritten and then your policy is issued, bound with payment, and you are covered.
That is how insurance was distributed in 1686. It was also how insurance was distributed in 1850 and 1950. A preponderance of insurance is still fulfilled and underwritten in this same way
in 2017. Insurance is one industry that has resisted significant change for more than 400 years.
Insurance is currently provided through a series of processes – from origination, to underwriting, to claims payment – that can be replaced by processes within a block-chain; and doing so can take a process that takes months and decrease that time not to weeks or days or hours, but minutes from identification of a risk to provisioning and binding of an insurance contract that is fully supported within a dynamic and regulated marketplace.
Introducing: The Torque Market.