what monero services are needed? (monero.town)

submitted 1 year ago by shortwavesurfer@monero.town to c/monero@monero.town

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I keep thinking we need monero insurance (life, health, auto, etc) where premiums are paid in monero and benifits are only paid out in monero. What services do you think we need?

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[-] itsmect@monero.town 3 points 1 year ago

Not really sure if insurances are a great use case as they always involve your personal info and only make sense in a legal framework surrounding it.

[-] shortwavesurfer@monero.town 1 points 1 year ago* (last edited 1 year ago)

But at its core insurance is to protect from a major loss by paying a small ammount. You could probably do it with very little personal info if you were willing to forego any personalization discounts. As it is you have to convert to fiat to pay it.

[-] itsmect@monero.town 3 points 1 year ago

Payouts cut into the profit margins, so insurance companies will pay as little as they can get a way with legally. When paid anon in monero, it's even easier for them to take the money and run (or operate as a ponzi scheme or whatever else).

On the other hand the insurance company must ensure that their customers claims are correct, so that they do not get scammed. I'd assume they demand proof, which does require a lot of personal info.

[-] shortwavesurfer@monero.town 1 points 1 year ago

Hmmm, true. I would expect that insurance of some sort would have to exist, though, because otherwise people would be on the hook themselves for extremely expensive things like cancer treatment or a car accident, and Lord knows the majority of people do not have the kind of money to cover something like that.