>bypassing these centralized dinosaurs

The reason they are centralized dinosaurs is to ensure they are large enough to cover claimants in the case of disasters. They need to be large to mitigate risk. Even as large as they are, they sometimes still fail.

Insurance is pretty basic, unglamourous work. Do you think a system of insurance startups, going bankrupt every time there's a large series of claims, is the way to go?