What Is Colibra?
Colibra is the world’s first insurance company that seeks to change how to handle risk and how people are treated when risks occur. Colibra is an open crowdsourced platform based on blockchain technology that handles non-parametric insurance claims and the payment of claims in an automated, transparent, and autonomous way.
The main objectives of Colibra is to eliminate the conflict of interest found in the traditional insurance model by democratizing the claim handling process, making insurance claim payments autonomous and instant and reinventing transparency by being fully open about its solvency.
Additionally, Colibra seeks to combine blockchain technology with smart contracts, stablecoins, tokens, oracles, AI, and gamified crowd-sourced claim decisions. This will enable it to create an insurance company that has the potential to completely disrupt the insurance industry for good.
How Colibra Blockchain Democratic Insurance Company Works
Colibra will begin by offering travel insurance. All claims and insurance requests are filed through Colibra’s simple yet intuitive mobile application where they will also be required to submit all the necessary documents after which the documents will be digitized using OCR.
An operator will organize the data from the claimant through pairing different data and verifying the claim with the institution, which might be a hospital, police station or a hotel. The verified data is then transcribed. The Colibra platform will then use its Artificial Intelligence that integrates with machine learning to analyze if the verified data is fraudulent.
After the data is verified as genuine, it is forwarded to the crowd jury for voting. The voting process is governed by smart contracts and will enable the independent crowd jury to determine if the claim is eligible to receive a payout.
If the jury determines that the claimant should receive the payment, a smart contract instantly initiates payment of the claim and the claimant receive their payment in the Colibra app. The platform will then use oracles and blockchain technology to provide the public with access to Colibra’s solvency and any other relevant financial data.
Democratic Claim Handling
Unlike traditional insurers, Colibra will not have the authority to delay or reject claim payments since the company’s claim handling process is outsourced to its blockchain.
Open And Crowd Sourced Claim Handling
On the Colibra platform, an independent and certified community of jurors and operators will handle all the user claims. The platform will then utilize an incentive centered design and the game theory to ensure that all decisions made by the operators and jurors are transparent and autonomous.
After a claimant receives their payment, all the financial data is recorded on the blockchain in order to ensure there is radical financial transparency at all times and guarantees that the Colibra insurance company remains solvent.