INSCOIN FOR KNOX-The First Blockchain Based Insurance Company

cryptowinner1 (4)in #blockchain • 6 years ago

What is Insurance ?

Insurance helps us protect ourselves against risks like a house fire, car accident or burglary. We can also get insurance that pays us money if we get too ill or to provide for your family if we die. So insurance is a very important sector for everyone. With insurance, we can choose what we want to be protected against.Then our insurer calculates the risk that the events to be insured will happen and the insurance provider or insurer will determine the price we will need to pay. There are three main things in insurance.

Policy - insurance policy is a document that lists exactly what we are or aren’t protected against
Premium - The premium is the amount that we pay each month or year to have the insurance. The amount we pay depends on the risk and on the value of the events we’re insuring
Claim - If something happens that’s covered by the policy, we can claim on your insurance by informing it to the insurer.

Why we need introduce blockchain technology to Insurance sector ?

According to the research study, the annual loss of insurance fraud amounts to about $ 40 billion. On the other hand, we give increase transparency of the insurance sector by introducing blockchain technology and it gives the solution to the problem of certification and anti-forgery of insurance policies.

What is KNOX ?

The KNOX project will be the first insurance company that involves the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure to the insurance sector, to find a solution to the problem of certification and anti-forgery of insurance policies. The insurance policies issued by Knox Insurance will be both in traditional paper form and in the form of smart contracts, allowing the customer to monitor their policies in real time, in full transparency and safety. Thanks to the platform developed by KNOX insurance, the policies will evolve to become fully automated and eliminate any possibility of the conflict of interest between the parties involved.