At its core, insurance was designed to be communal and perform the function of risk mitigation. A collective group would pull resources together to help those facing disasters or accidents. This purpose was fully served as intended until the supply chain become bloated and filled with middlemen getting their cut, adding a significant level of cost to insurance that had previously not existed. In addition, the rise of fraudulent claims, and increasing costs have created a plethora of problems for the insurance industry. Today, the insurance industry is broken on a multitude of levels. While Heluss will work to fix a number of these issues, it is important to realize just how exactly the industry is broken.
Bloated Middlemen
As aforementioned, the insurance industry has become full of bloated middlemen that have invariably driven up insurance costs for consumers all across the globe in various niches. For example, in the pharmaceutical insurance industry, pharmacy benefits managers (PBM’s) act us as middlemen for insurance companies. They have continued to see their charges rise with the correlated increase in what consumers spend on retail level drugs. This correlated increase is then passed along to consumers whom are left at the mercy of whatever costs are for often times vital medications or treatments.
This isn’t the only issue affecting the insurance industry however.
Fraudulent Claims
As a whole, fraud is estimated at nearly $80 billion dollars annually across all lines of insurance. In addition, fraud accounts for nearly 10 percent of property-casualty insurance losses annually. With the industry losing a large chunk of revenue each year to fraudulent claims, costs as such been passed down to consumers. It has been widespread industry thought that if fraudulent claims can be reduced, the industry and consumers will both benefit greatly.
Increasing Costs
As a whole, insurance costs have continued to steadily rise. According to the Medical Cost Trend report by PwC, employers and insurances are expecting an average of a 6% increase in healthcare costs in 2019. With this in mind across all insurance industries, consumers alike are desiring to find other cost-effective solutions for their insurance needs without having to pay an absorbent amount for their policies.
Heluss plans to help bring about real solutions to a number of the issues facing the many niche’s of the insurance industry. Beginning with travel insurance, Heluss will disrupt how the policy works and eliminate unnecessary costs and middlemen to help bring insurance back to its roots — Serving the community.
We have begun our Private Sale and we will have more details on our airdrops and other facets of the project here soon!
For more information, visit www.heluss.com or send us e-mail on: info@heluss.com.
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