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Pleasure to read your post Ketharaman. However I had pause for thought at "AXA Fizzy doesn’t make claim process frictionless. It eliminates it altogether." .. A claim process is MEANT to filter out fraudulent claims, so as to keep the service sustainable and cost effective. Fortunately for mankind, human intervention is still important despite tech wizardry.

Reminds me of when Santander put Jenson Button in an ATM in the UK, although handing out bank notes is a little different :-) http://digitalmoney.shiftthought.co.uk/the-jenson-button-what-bankers-should-do-next/

Thanks for the background @RalfOhlhausen @Ketharaman and others. It is good to have experts such as yourselves share so as to move this important decision forward.