That doesn't apply to health insurance. Due to HIPAA / ERISA / EMTALA / ACA and an alphabet soup of other federal and state laws and regulations a startup health insurance company would have very little freedom of action on creating new types of contracts. And this is an area where the laws are actually enforced.
The same applies to insurance. You can't take crap contracts that don't work for you, so maybe create a contract of your own based on 1st principles and going back to the definition of insurance.