For decades, the insurance industry has been highly profitable and operated in the same manner. You buy insurance for everything of value you own, rates increase each year, and if something happens you get remunerated. Be it your house, car, valuables, boat, RV and all other. Nothing is excluded really.

In the new era of Digital Insurance, insurance companies need to change things up big time. With the advent of the ‘Sharing Economy’ or what I love to call the ‘Human Economy’, things are changing at 3 levels (at least):

1. As we share, we OWN less, which means we do NOT need to overpay in insurance coverage which we do not need. If I drive my car only 3 hrs/week, I should have prorated insurance reflecting my use.

2. When driverless cars take over and more cars become autonomous, the nature of insurance will need to change.

3. We should have PORTABLE DIGITAL INSURANCE to use when we need it and how we need it. Maybe you want to carry it with you to your AirBNB stay our your Uber car.

With AI, Blockchain and IoT & the decentralized mindset we can achieve our goals, only once the insurance industry embraces the Sharing World!