Episode 52 Web3 Insurance

Episode 52: Web3 Insurance

Episode 52

Web3 Insurance

Jared Klee is Director of Web3 at Vouch Insurance. We cover Jared's crypto experience at IBM, how vouch underwrites Web3 startups, and what mistakes most founders make.

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[00:02:11] - [First question] - What IBM was working on when he was the Director of Blockchain

[00:04:00] - How an enterprise blockchain works compared to popular blockchains

[00:05:17] - What it means to secure a network like an enterprise blockchain

[00:06:30] - Whether or not their process is displacing databases  

[00:08:01] - Making the jump from a manilla envelope system to a blockchain 

[00:09:27] - A thumbnail sketch of the insurance world and policies one might need

[00:13:28] - How the old model of insurance compares to the insurance market today

[00:17:11] - Strong underwriting practices that ensure policies generate a profit 

[00:19:59] - Adding risk to their balance sheet when they underwrite projects  

[00:21:21] - Thinking about underwriting risk as the insurer 

[00:24:40] - Key factors that allow their model to work   

[00:25:28] - How founders work through the policy price, coverage, and terms

[00:28:22] - Why Vouch considers Web3 an opportunity and not a risk 

[00:32:08] - How the crypto downturn has impacted their underwriting process 

[00:34:57] - Handling the uncertainty of the future when their clients add leverage 

[00:38:41] - Base level insurance packages startups should have and when to step it up 

[00:44:08] - Some of the greatest mistakes he’s seen while working with founders

[00:47:07] - Examples of smart contract risk going well and badly  

[00:49:31] - Whether or not more insurers will enter this space over time  

[00:51:44] - A risk they’ve encountered that was too big for them to engage

[00:54:09] - What he’s most excited to see built over the next six months and six years

Web3 Insurance

Introduction

Eric
This is Eric Golden. And my guest today is Jared Klee. Jared is Director of Web3 at Vouch Insurance and was previously Blockchain Project Manager at IBM. Our conversation starts with Jared’s crypto experience at IBM and how they use blockchain technology to help move mangoes around the world. Yes, mangoes. We then dive into insurance, how Vouch underwrites Web3 start-ups and what mistakes most founders make. Please enjoy this conversation with Jared Klee.

Eric
So Jared, thank you for joining me today.

Jared
Excited to be here.

Blockchain at IBM

Eric
I thought a fun place to be, when looking up your resume, you were at IBM back in 2018, and you were the Director of Blockchain. I think I was surprised to see that IBM had a Director of Blockchain. So what was IBM working on four or five years ago now related to on-chain work?

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