Ellie Schneider

Ginko

Traditional insurance is broken. According to the Association of British Insurers themselves, only 13% of people fully trust their insurer. 7 in 10 people say they believe insurers will do anything to avoid paying out for a claim. What's the point in insurance if you can't trust your insurer to help you when you need it most? Ginko uses blockchain technology to replace the middlemen - and the conflict of interests. Traditional insurance means paying an insurance provider to "matchmake" you with other customers to pool your money and share risk. But now we have blockchain - and the inherently peer-to-peer nature of the technology means you don't need a middleman to take a 40 to 50% cut of that pot of money. Customers can pool their own capital directly - underwriting one another, peer-to-peer - and cut the cost in half. It's a smarter, cheaper, fairer way to do things. And it's actually where insurance started, in a sense. Insurance was originally about communities banding together to share risk - farming communities would agree to bail each other out if their crops failed; tradespeople would all pay into a pot that would take care of their families if they died unexpectedly. But somewhere along the line, we lost sight of that community ethic and allowed rent-seekers to take a 50% cut of that pot - of YOUR money - and with it, position themselevs as they ones who decide who gets a payout and who doesn't. The figures are clear - even the industry's own representative body say people don't trust the middleman to do their job honestly. It's time to put power back in the hands of the people. Welcome to Ginko - insurance without middlemen.