Inmediate

apritiadahenti (6)in #ico • 8 years ago

SMART CONTRACTS

AN ECOSYSTEM IS REQUIRED
Many Insurers are exploring blockchain and smart contract supported products.

Yet an ecosystem is still missing. One that can bring these policies to the market in a convenient, consistent, and coordinated manner.

INMEDIATE FILLS THAT GAP
We will provide the Insurance industry with that ecosystem where Smart Contract Insurance can be transacted at lightning speed, full clarity, and at much lower costs than ever imagined.

BENEFITS

FOR CONSUMERS
Insurance will be made cheaper, and there is no uncertainty regarding claims.

A diverse scope of coverage will also be made available.

FOR INSURERS
Insurance companies can create new products and market them at lightning speed – with real time data without needing an expensive claims process.

ABOUT US

OUR PHILOSOPHY
It has always been our goal to enable customers to make the best choices when buying insurance. We provide them the convenience to do it in a simple and quick way while getting the best value for money.

WHAT WE’VE CREATED BEFORE
In 2016 we launched Insurance Market, a full-service online broking platform that guides customers through the jungle of confusion often surrounding insurances.

It was voted as one of the top 7 Asian Insurtech startups in 2017 by Insurance Post UK.

FOR DISTRIBUTORS
An ability to reach out to a far greater customer base – and being able to sell more niche insurance that suits their target audience.

Smart Contract Insurance:
How Inmediate Makes It Work

Policies on Blockchain
We digitize entire policies into the blockchain – the code is fixed and cannot be tampered with.

Linkage with Oracles
Trusted data sources (Oracles) continuously feed information into the Inmediate platform.

Instant Payout
Based on the information received, when claims conditions are met, the payouts are automatically processed.

For Consumers
For consumers, there is no uncertainty regarding claims, and payouts are received instantly.

For Insurers
For Insurance companies, there is no fear of fraudulent claims – and the bulk of administration costs disappear.

OUR VISION

Insurance today
The insurance industry has been largely resistant to change.
Contrary to marked modernisation in almost every aspect
of our lives, insurance has not changed significantly and is
still characterised by complex, opaque, inflexible and slow
processes. It is still very much a traditional and paper driven
business with many layers showing limited growth.
The Future
The utility of rising technologies such as internet, blockchain,
smart contracts, encryption and the Internet of Things will
accelerate and help to turn our insurance vision into reality.
In our future, being insured is going to be a matter of tapping
a button on an internet connected device. Insurance will be
omnipresent in our lives. Driven by data from many reliable
sources, and accessible to everyone. Available whenever
you need it to protect an asset you value, or an event you
dread. All of this with 100% control over your securely stored
private data.
Insurance companies are not (yet) or not completely digitalised.
Their operating costs will be reduced to a fraction
of what they are today and fraud will be something of the
past. They will be in full control of the management of their
risks and can concentrate on portfolio management, product
development, predictive analysis, support and prevention. All
of this benefits the consumer directly

The technology that is emerging today is developing rapidly, as
is the willingness of consumers to use it. Younger generations
have had a device in their hand from the age of 2 and are now
becoming a new wave of insurance buying adults.

The Inmediate mission: Effective insurance for all
We have taken the initiative to build the infrastructure for an effective smart insurance eco-system and network that :
• Lowers the costs of insurance significantly
• Connects insurers, re-insurers, brokers, distributors and customers
• Is solid, consistent, secure, clear and future proof
• Enables new insurance products and
• Is available everywhere, anytime to everyone
We call this: the Inmediate network.

Who are we?
Introducing Insurance Market Group
We are innovators that started in 2014 and have built a
full-service insurance platform that guides customers
through the jungle of confusion to help them find and buy
insurance that best fits their needs. We sold our first policy
in 2016 upon obtaining our insurance broker license for
Insurance Market Pte. Ltd.
We have become a passionate and experienced team of tech
and insurance professionals that have built and delivered
intelligent algorithms, platforms, API connectivity and bring
extensive risk management and project management skills.
Currently, we run 2 main business lines:

Our B2C business, Insurance Market Pte. Ltd. (https://
insurancemarket.sg) Here we enable customers to
make informed decisions and get covered in minutes,
getting the best value for their money. Simple, quick and
carefree.
Our B2B2C business, Metis Consultancy Pte. Ltd., offers
a full “Platform as a Service” proposition consisting of
full insurance pricing, rating and fulfilment to other bro

kers and distributors.

Technological improvements
New technologies that can radically improve insurance availability
and distribution are becoming available, bringing our
vision of the future of insurance within reach. These technologies
are briefly described in the following paragraphs.

Blockchain
Blockchain technology has been around for some time, but
more recently this technology has improved, making it conducive
for many more applications including high load and
high throughput applications such as insurance. Blockchain
technology and decentralised trustless applications (smart
insurance policies) can make major contributions to achieve
our mission of “Effective insurance for all”.

Smart Contracts
Smart contracts are self-executing contracts with the terms
of the agreement between insured and insurer being directly
written into lines of code. The code and the agreements
contained therein exist across the distributed, decentralized
blockchain network.
Smart contracts permit transactions and agreements to be
carried out among disparate, anonymous parties without the
need for a central “trusted” authority or external enforcement
mechanism. They also render the transactions traceable,
transparent, and irreversible.
Blockchain and smart contracts effectively provide the tools
and framework to create a new generation insurance

eco-system and marketplace where supply and demand
sides can engage in trustless insurance and trading transactions.
Faster, cheaper and more consistently

Oracles
For a smart contract to be able to be executed, it needs information
about time, location, conditions, assets, events and
other data. This information is provided by oracles. These are
trusted data feeds that supply information required for smart
contract decision making. Reliable data sources are growing
by the minute and have the potential to provide valuable
inputs for smart contracts.

Internet of Things (IoT)
In the future, use of oracles can be extended using the data
generated by the IoT i.e. through internet connected devices.
This gives rise to new and innovative ways of insurance which
is both relevant to the consumer as well as the insurer.

Application Programming Interfaces (APIs)
APIs have been in use for a long time and allow interaction
between multiple computer systems. This technology is a
common place but has yet to further proliferate in the insurance
markets in Asia.

TOKEN description

How will it work

Flow of tokens through the network
To describe the flow of the token we will use the example of
a customer wishing to buy insurance using a third-party distributor
application. The following stages can be identified:

-In the distributor app, an overview is given of the insurance
policy selection available which can be directly bought.

-After choosing the preferred insurance a smart contract is
booked. 100 customers each pay the premium (1 DIT Token
in the example). This adds up to 100 DIT Tokens.

-The distributor is paid an amount out of the smart contract
for services rendered leading to the forming of the insurance
smart contract.
-The insurer keeps sufficient DIT Token in its account to meet
obligations.
The relevant oracle(s) may be triggered by 1 or more real-life
events.

-The smart contract checks oracle and either pays the amount
agreed in the smart contract or the smart contract can expire
(if there is no triggering event).

-The DIT token can be transferred by insurers, distributors,
customers on the Zilliqa blockchain to public exchanges or
wallets completing the DIT token network.

#Standards and rules
Zilliqa is currently developing a non-Turing-complete
front-end language similar to Solidity. We are one of the first
to be making a smart contract on the Zilliqa blockchain and
are in direct communication with the Zilliqa development
team while their front-end language is being developed.
This new language will be ideal for dApps that require high
throughput. The high throughput is very suitable for the large
number of transactions done within the Inmediate network

#.Corporate structure

Inmediate Pte. Ltd. is a new legal entity under the Insurance Market Group Pte. Ltd. umbrella. All subsidiaries are based in
Singapore and 100% owned by Insurance Market Group Pte. Ltd.

Token Allocation
Inmediate will be launching a Token Generation Event (TGE) to power the services and transactions within the ecosystem. The DIT (Direct Insurance Token) is a means for Insurers and Distributors to pay for network access and also for running customer rewards programs. Each Insurer and Distributor is required to maintain a minimum amount of DIT to enjoy the services of the network.

THERE WILL BE A FINITE SUPPLY OF 1 BILLION DIT ISSUED.