The insurance industry is broken and many players are already disrupting the field thanks to technology.
Traditional insurance industries bank on customers not claiming and profits are made from customers premiums. In addition, most insurance companies providing funeral cover let consumers forfeit their policy if they default, even if it's their own money. Essentially, the insurance industry doesn't work for the consumer, it works for its shareholders.
Also, there are many unregulated institutions who provide funeral cover, that eventually end up scamming the consumer.
Powered by Ethereum and DAI stablecoin, Chipp offers future proof funeral cover with a twist - it's always your money.
Your premiums help cover the Chipp network and if you invite people to Chipp in to get covered too, your premium gets reduced! If you don't claim after 5 years, you can withdraw a portion of balance.
Ether is the native currency for the Ethereum ecosystem. It's a cryptocurrency like Bitcoin, but capable of executing smart contracts, which enables us to perform tasks that would otherwise require a middleman.
Ether is a cryptocurrency, and like all cryptocurrencies - it fluctuates. That's where DAI comes in.
DAI is a stablecoin built on Ethereum which is pegged to the USD so it doesn't fluctuate. This makes it awesome for enabling mainstream use of cryptocurrencies.
DAI is what makes Chipp awesome - you can get all the benefits of cryptocurrencies and decentralized technology, without the volatility risk!