So, I am very new to the smart contracts ecosystem. I watched this YouTube video. From what I gathered the major selling points of smart contracts are the trustless or trust minized, and auto-executed agreements, etc.
At 19:35-21:10, The author brought up an example of insurance company. "..they are the ones who decides whether or not they're going to execute their agreement..."
So, in a smart contracts ecosystem, the insurance company will have a smart contract written in such a way that when a claimant files a claim it will automatically funds the claim without adjuster or any human intervention?
What did I miss?
So, in a smart contracts ecosystem, the insurance company will have a smart contract written in such a way that when a claimant files a claim it will automatically funds the claim without adjuster or any human intervention?
This is not true.
An insurance company must evaluate any claim off-chain, with whatever proprietary rules and committees they have in place for accepting claims.
Please do not believe everything you see and hear on Internet.