History and future of insurance
The first methods of transferring or distributing risk in a monetary economy, were practiced by Chinese and Babylonian traders in the 3rd and 2nd millennia BC, respectively. Since that the insurance companies are still stuck in a deep problem, how is possible to make the market efficient in a strong way? If the companies are not sure about how is really distribute the probability of an event how is possible to make a fair risk premium?
Fraud detection and risk prevention: By moving insurance claims onto an immutable ledger, blockchain can help eliminate common sources of fraud in the insurance industry.
Property & casualty (P&C) insurance: A shared ledger and insurance policies executed through smart contracts can bring an order of magnitude improvement in efficiency to property and casualty insurance.
Health insurance: Through the blockchain, medical records can be cryptographically secured and shared between health providers, increasing interoperability in the health insurance ecosystem.
Reinsurance: By securing reinsurance contracts on the blockchain through smart contracts, the blockchain can simplify the flow of information and payments between insurers and reinsurers.
Trust is the key of efficient
Trust me! How many time have you heard this miserable sentence? Today, the sheer complexity of the insurance industry creates gaps in visibility that can be exploited to perpetrate fraud. The cost of insurance fraud only in the USA is $40B a year and it’s spread in the form of increased premium.
Blockchain could make trust as the core of the market, the insurance company are not yet in the cloud but we are making the future of the market now.
INSCoin role in fraud detection
We are the 1st blockchain based insurance company, our mission is to make the first step in the evolution of this indispensable market.. the risk market. Our smart contract are written and tested to make impossible to fraud the system. The project involves to setup of three insurance companies based in Portugal , Bermuda and Dubai. These will be the first insurance companies offering smart-contract-based insurance policies along with classic paper-based policies. We guarantee the highest level of authenticity of the polices.
INSCoin placement in the market
We know that INSCoin is not the only ICO in the insurance segment, but of course INSCoin for Knox will be a fundamental part of this industry. Our project is the first mixing the real economy with the cryptocurrency world. The already mentioned three regulated companies will be the key of our success. We are lucky to have in our team, with the role of Chief Executive Officer, a pioneer of the insurance industry that is al ready licensed to manage insurance company with a 300 brokers network. INSCoin placement is between the decentralized crypto-economy and the regulated insurance-industry. We are not utopian, we are the future!
About INSCoin for Knox
Based in Estonia, InsCoin for Knox Project aims to setup the first insurance company that will accept a Crypto (INSC) for the payment of insurance premiums, and the first that, with the help of the blockchain, will solve the problem of falsification of insurance policies.