Creating an insurance product p2p using the blockchain is revolutionary in the industry. The costs of the existing insurance industry on society are actually massive but necessary given the complexity of problems. If the Teambrella team can produce a viable solution it will slash the costs of providing insurance.
Balancing the incentives for each of the problems of insurance particularly claim reimbursement is extremely difficult. One of the most interesting questions on their FAQ demonstrates this:
" Why would anyone vote for reimbursing?
By voting for reimbursement, a teammate sets the standards of treatment that would be applied to them in case of an incident. If a teammate is generally not inclined to reimburse others, then this is visible to other teammates, who would respond accordingly. "
Hopefully they will succeed. I think its a fascinating project and certainly worth keeping up to date on.