INSCOIN - THE FIRST BLOCKCHAIN BASED INSURANCE COMPANY

brainerdpaul (-2)(1)in #bitcoin • 6 years ago (edited)

The influx of people into the cryptocurrency market has made an astronomical rise in the adoption of blockchain technology. Numerous supporters, investors from different field of professions and businesses around the world have embraced new technological innovation which has helped reshape the world. One firm at the forefront of this innovation is INSCOIN which is the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies

To get you more in tuned, I would love you to check out this video presentation by INSCOIN

About InsCoin For The Knox Project

KNOX Project is a project from the Insurance Industry where the project has a mission to bring the insurance world to modern technology, by collaborating on Blockchain technology, the Knox Project claims that they will be the first insurance companies to combine the real world with the digital world uses Blockchain technology, by creating the most efficient and sophisticated structure in the sector, it aims to find solutions to the problems of certification and anti-counterfeiting of insurance policies, as I have explained above.

With a smart contract, the spread of fake insurance policies can be avoided, therefore smart contracts are one solution for the same system that issues them after receiving payment more precisely all things will become more transparent. With a smart contract, the company will not have a delay in collecting credit, because the policy is issued only after receiving payment.

This factor aims to significantly improve company management. By contracting intelligently in the event of an accident, real judges who will decide whether or not to pay them are no longer companies, which could have opportunistic behavior, but the blockchain system which, in really not interested in human opinion, will decide whether this accident corresponds to provisions in the policy.

How can Blockchain change the insurance industry

To customers
• Smart contracts prevent the spread of fraudulent insurance policies, since it is the same system that will be issued once payment is received.
• The customer has full control over the insurance policy.
• Subscribers can access all WEB services and mobile platforms and check their policies.

For insurance companies

• With smart contracts, there will be no delays in premium collection, achieved by increasing the company’s cash flow.
• Thanks to Blockchain, fraudulent policies will never be passed on to the company.
• Blockchain enhances business processes and ensures a truly unshakable security system.

For broker

• Get credibility for policyholders and beneficiaries.
• Direct control over its administrative reports.

How it works?

The certification of the authenticity of the policies will be carried out partly on the internal platform of Knox Insurance and partly on the Blockchain of Ethereum. At the end of the certification process, will be issued a smart contract that combines the authenticity and coverage of the policy while respecting the privacy rights of the contracting parties.

INSCOIN platform

At the same time as the start of the three insurance companies, once the legal licenses have been obtained, with the help of the funds raised, an internal exchange platform will be created. This platform will have a fundamental role, through it the customer can access the purchase of insurance products covered by the structure.

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The main functions of this platform will be Creation of customized profiles for Brokers, with their personal inscoin wallet.

Possibility for the Broker to create for all his clients their underlying profiles, combined with his identification code and related wallet inscoin.

Possibility for each private customer to create their own profile, with relative inscoin wallet. Direct loading of all the policy features for an evaluation and a quote.

Possibility of paying the policy as described in the previous paragraph. Reception, in case of purchase of the policy, of the address of the smart-contract with which you can verify the authenticity.

INSCOIN TOKEN

In insurance, how payments are made or what is actually paid is a complicated subject. In the KNOX platform, this problem does not exist at all. INSCOIN Token, a cryptocurrency based on Ethereum ERC20 technology, is used for every payment on the platform. This is goodbye to unfinished insurance claims or late payments since the smartest ethereum technology contract reached by the insurance company and insured, executes the terms of the agreement that is guaranteed to make payments immediately. Users cannot be fooled, no matter who they face. INSCOIN is a crypto currency that will be used for every activity or transaction at https://www.inscoin.co/ Insurance Company.

Token Details

Token - INSC

Platform - Ethereum

Type - ERC20

Price - 1ETH = 5000 INSC

Bonus - Available

Investment info

Min. investment0.1 ETH

Accepting - ETH

Distributed in ICO - 54 %

Soft cap - 4,000 ETH

Hard cap - 39,444 ETH