Great topic and discussion, for the most part. I'd ask, what problem are "we" trying to solve? I hear a lot of solutioning without anyone stating clearly the problem that needs to be solved nor any root causes, and "insurance companies bad" is not a root cause.
To say the system is "broken" is to vague...same for "it cost to much"...define what broken means and explain how and where and how often it is broken based on that definition. Then I think "we" could get somewhere to make it better. IMHO
Personally I don't think it's "broken" but could be improved upon.