Decentralized Insurance contract with idena?

[ubiubi18]

Imagine an insurance for risk management that can be settled with idenas human oracles, to be used to hedge against the risk of a contingent or uncertain loss!

It would require a plattform that allows to insert Insurance smart contract details and to trigger a decentralized insurance like an oracle, with a dutch auction beeing used to determine acceptable insurance fee that insurance sum providers are willing to accept as compensation for their service.

Maybe it could work that way:

1. The insurance policy candidate defines desired contract via insurance contract starter plattform, including:

1.1. (Detailed) trigger event for insurance sum payout (for example "thanos snap" - number of idena identities suddenly reduced by 50% or more during one epoch due to termination)  

1.2. Insurance sum (for example 100000 idna, or later stable coins)

1.3. Maximal Insurance fee that the insurance policyholder would be willing to pay each month worst case (for example maximal 5 % of insurance sum, which equals 5000 idna/month)

1.4. Period of time of insurance contract (for example 6 month)

2. Now the candidate needs to find people who are willing to provide a share of the insurance sum to the proposed conditions

2.1.
The candidate for the insurance policy contract deploys the contract, which issues terms and conditions of desired insurance policy and a start date for a dutch auction to collect funds for insurance sum.

2.2.
At the start date the dutch auction runs ( https://en.m.wikipedia.org/wiki/Dutch_auction ) on the proposed insurance fee starting with lowest fee ending with highest fee, until all funds for the insurance sum are collected. If not enough funds are collected during dutch auction, the contract automatically refunds everyone while letting the candidate pay all contract transaction fees.

(So for example the dutch auction starts with slots for investors who would be happy with 0,1% fee monthly, where an investor providing 3000 idna share into insurance sum lock contract would receive only 3 idna each month, the auction ends with 5% fee, where the investor providing 3000 idna would allready receive 150 idna each month. First come, first serve.)

2.3. Immediately after enough funds are collected, the insurance is activated with first monthly fee beeing payed in advance by policyholder in favor of shareholders - and all funds are locked now until trigger event or until end of contract running time.

2.4. The policyholder has the right to call anytime a human oracle to settle the contract in case of assumed trigger event. The human oracle would be asked to check if trigger event did indeed happen or not. (For example, energy outage in whole central europe during idena flipsession,  53% of all identites dont make it. Policy holder triggers insurance payout oracle. Oracle comitee does research and disapproves payout, because only 20% of identites got indeed terminated in event, but the rest is only suspended or zombie and will probably return next epoch)

2.5. At the end of insurance term all investors get back their locked share from the insurance sum contract lock. (The investor who did put 3000 idna at risk to conditions of 5% monthly fee now receives 3000 idna back additionally to the 900 idna s/he did earn in fees over last 6 month allready)

2.6. In case the policyholder doesn't pay a monthly fee, the contract is immediately terminated and all investors are refunded automatically

Okay, thats it - just another possible usecase for idena, curious who will build it first ;) .