accessible/visible could mean the details of the contract encrypted (or more likely crypto hashed), not publicly readable as plaintext
later if some authority needs to validate/litigate, it would be easy to decrypt the pertinent data with the key or by comparing hashes
that said, simply letting the world know that you did enter into a contract - regardless of the details - is leakage of privacy so buyer beware
EDIT: elaborating in response to the above edit...on their FAQ they say they use blockchain to speed the process - instant gratification and automatic payment. i am sure this is merely a marketing PoC to gague consumer comfort levels with blockchain apps. and buzz, which it is obviously getting here. but long term, think about the cost savings if you automate claims processes. in Florida and Houston right now they cannot find enough insurance adjustors to process claims for victims. in 5 years you can likely use a fancy AR+AI mobile app to do self-inspection, which would trigger a smart contract for payment of the claim. feel free to apply to YC with that :)