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I am trying to create a proof of concept for an insurance platform, a one that deals with risk and selling promises of coverage. A similar idea will be the car insurance platform's where you pay each month for 5 times coverage a year.

What I want to ask is how would ethereum and the smart contracts built on top of ethereum be useful in this case? Would it be just a paper contract integrity checking mechanism (like digital certification)?

Thanks.

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For example, it can be useful in issuing funds to people once the proper authority inspects and estimates the damage cost of the accident.

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Smart contracts will be useful for any aspects that are precise, unambiguous, and possible to represent in code.

This could include the transfers of funds, keeping track of who has insurance, and the expiry dates of one's insurance.

This can also include a connection/link to an "entity" responsible for determining if a payout should be made, and who can be trusted to be able to make payouts.

This "entity" could be a voting system, that allows token holders to vote on this information. Or it could be an oracle for getting off-chain data.

So in the end, the smart contract can finalize everything and be kind of the "headquarters" of the process.

But in the end, it will have to communicate with some entities that offer external influence, either via voting systems, oracles, etc, to allow non-deterministic factors to influence outcomes.

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