Mutual insurance decentralized autonomous funds

Abstract

The present invention comprises a method of creating and organizing a Mutual Insurance Decentralized Autonomous Fund, which is a mutual insurance fund sitting on top of a decentralized autonomous organization, using smart contracts of blockchain technology. The combination between a mutual insurance fund and a decentralized autonomous organization opens up a great chance for policyholders, being also shareholders of the fund, to save their insurance costs. A Selective Groupon Sale is a method to create conditional groupon deals aiming at gathering a group of low-risk policyholders, for example a group of drivers having 5 consecutive years without any claims or accidents, into a DAF to make it a much lower risk insurance fund. Applying these methods together helps lower some of the highest entry barriers for new companies to participate into the insurance market, and so create more competition and help save costs for policyholders altogether.

Dependencies are inferred from the claim text.