And why would I want details of my insurance contract on a publicly visible blockchain? What am I missing here?
edit, to elaborate:
A currency ledger blockchain has to be visible to all participants, that's how we can all come to an agreement on who owns what. What I don't get is why my insurance contract has to be visible by any parties other than me and the insurer. Hence, what value does putting this data on a blockchain bring?
later if some authority needs to validate/litigate, it would be easy to decrypt the pertinent data with the key or by comparing hashes
that said, simply letting the world know that you did enter into a contract - regardless of the details - is leakage of privacy so buyer beware
EDIT: elaborating in response to the above edit...on their FAQ they say they use blockchain to speed the process - instant gratification and automatic payment. i am sure this is merely a marketing PoC to gague consumer comfort levels with blockchain apps. and buzz, which it is obviously getting here. but long term, think about the cost savings if you automate claims processes. in Florida and Houston right now they cannot find enough insurance adjustors to process claims for victims. in 5 years you can likely use a fancy AR+AI mobile app to do self-inspection, which would trigger a smart contract for payment of the claim. feel free to apply to YC with that :)
Is it simply that the contract is visible to others to validate it took place?
My friend was an advisor and they are solidly in the 2005 era as far as security and maintenance goes.