Umbrella coin: - Breaking barriers of the insurance industry

karankj (49)in #cryprocurrecy • 7 years ago

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Insurance Sector

The Insurance sector is one of the booming sectors and it is growing at a healthy pace. Health and life are the prime sectors in the insurance industry.
It is a most important sector and boon for insurers, provides financial assistance in case of unexpected life events
Umbrella coin is trying to simplify the process in insurance sector which is tedious for the policy holders

Problems faced by the policy holders

Insurance companies have brokers/agents and the cost bear on them is passed to the policy holders
There are many different insurances tracing each and every policy is cumbersome for the policy holder
Also, the money put in insurance policyholders doesn't earn any interest

UMC and what it tries to achieve

UMC is the next generation insurance platform built on ethereum block chain.
Its goal is the provide benefits to the policy holders and reduce the complexity and cost involved in the current process
UMC objective is to Reduce complexity and increase Wealth and value creation for the policy holders
During emergency life events UMC will reduce the burden of its policyholders by providing claims and benefits to them
It will ensure the peace of mind to the policy holders as all other complex aspects will be eased out by the UMC

Solutions Provided By Umbrella Coin

UMC is trying to eliminate the middle man (i.e. brokers/agents) as it is increasing the burden on the policyholders
UMC to reduce high premiums paid by the policy holders
UMC want to become one stop solution for insurance
UMC wants to eliminate the hidden cost associated with the insurance policies so that the policy holders can enjoy the benefits during the emergency times and can also enjoy peace of mind. Thereby minimizing the risk and cost factors associated with the insurance sector as a whole.

Insurance is sometimes very ambiguous and umbrella coin will make this process Unambiguous and the policy holders can reap the benefits without facing any hard time.

The UMC approach

Benefit Packages are created on the UMC network
The value is added to the float and immediately invested
Registering to the package allows policyholders to make claims
Claims are paid from the float pool in the form of UMC
To bring more transparency to the system
Community voters will have the right to approve claims and for fair voting rewards
A policy can be created by the holder of the policy. Policy will be tied to a wallet address and claim should be made against that policy
Each policy has a waiting period of 90 days
A maximum and a minimum payout

Umbrella Coin is trying to provide more power to the policy holders and this will lead to a new revolution in the insurance sector. As insurance is a booming sector and decentralized block chain based networks are the future. Both the points makes Umbrella coin an ICO to look forward too.

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