Inscoin: The Crypto To Fuel The Birth Of A Blockchain-Based Insurance Company
Inscoin is poised to become the first crypto currency to be used on a blockchain-based insurance company, Knox.
Not many of us really understand how insurance companies work, but almost every one of us has some kind of insurance policy in effect. Maybe, this is because we know that an insurance, being a guarantee for an unforseen event, is of tremendous value, and for many of us, recognizing its value is enough. People have this intrinsic need to feel secure, and insurance companies are capitalizing on this. With that said, it is safe to say that the insurance industry is one industry that will continue to grow.
Nevertheless, reports of fraud are plaguing the industry, resulting to huge losses by the companies. The losses will impact not just the companies, though, as clients will have to pay higher insurance premiums, as a consequence. Obviously, there is a problem with the current system why breaches in security happen in the first place. This problem is what the Knox project hopes to solve as it takes advantage of the permissionless and immutable nature of blockchain technology. The very nature of blockchain will not permit documents to be modified in any way, therefore guaranteeing them to be valid and true.
While employing the technology of blockchain, Knox will also resolve many other issues such as false insurance policies, delays in collecting credits, and transparancy issues. These issues are brought about primarily by the insurance system being centralized and all that. So what Knox will do is to decentralize the system, and this will be made possible because of blockchain technology that utilizes smart contracts. Knox will convert to smart contracts the paper-based insurance policies so they can no longer be falsified. As it is then, clients will have complete control over their policy. They will be able to view their policy and monitor their transactions in real time.
Activities on the Knox ecosystem will begin with the issuance of a paper-based policy that contains the serial number of the policy and unique barcode. Said policy will then be activated on the InsCoin platform by entering the serial number and the code below the barcode. This action will enable the generation of a document that details the terms of policy, certification of coverage and authenticity, and consequently, an insurance policy in smart contract. With the conversion of the policy to smart contract, the payment of the policy premium will next be effected. Here’s how it works:
With this structure, companies can hope to receive payment instantly because policy generation will only take effect once payment is received. Insurance companies are also assured of recurring monthly payments because the smart contract will take care of it for them.
What is the role of InsCoin (INSC), then? Well, the business platform has to be tokenized to raise the necessary funds, and at the same time, keep the ecosystem running smoothly. In this case, funds raised will be used mainly for insurance company set-up, product development, and marketing campaigns to raise awareness. Needless to say, InsCoin is the token that will make it all happen. Its role in the ecosystem will be a major one as it will be used to pay insurance premiums and other insurance products available in the Knox marketplace.
Responsible tokenomics requires the holding of INSCs for a period of one year. The need for brokers will be highlighted in this case because In order to apply for a new insurance policy, clients will have to first purchase INSCs through an exchange platform and then pay the premium to the broker who, in turn, will turn over the payment to the insurance company.
The Knox project, fuelled by the InsCoin, will be a great thing for the insurance industry. It will make managing policy accounts so much easier. Policy holders will have greater control over their policies and will not even have to worry about missing monthly premium payments. Insurance companies themselves will become more efficient in managing their business. They will not have to suffer losses due to clients’ late payments and insurance fraud.
Apparently, the Knox project itself will benefit not just the insurance companies and their clients, but also the insurance brokers. They will receive commissions paid out in InsCoins and if they decide to put some of the money in the InsCoin ICO, they will be able to earn bonuses as well. The Knox project, perhaps without really meaning to in the first place, will, in the end, encourage a healthy relationship between insurance companies and their clients.
Token Details:
Ticker: INSC
Platform: Ethereum
Token Type: ERC20
Available for sale: 270,000,000 INSC (54 %)
Total supply: 500,000,000 INSC
Pre-sale Price : 1 INSC = 0.0002 ETH
ICO Price: 1 INSC = 0.0002 ETH
Soft cap: 4000 ETH
Hard cap: 39444 ETH
For more information, visit the following pages:
Whitepaper: https://inscoin.co/documents/Whitepaper-EN.pdf
Bitcointalk ANN Thread: https://bitcointalk.org/index.php?topic=4422850
Website: https://inscoin.co/
Telegram: https://t.me/inscoinico
Twitter: https://twitter.com/INSCOINforknox
Facebook: https://www.facebook.com/INSCoinforKnox/
Youtube: https://www.youtube.com/channel/UCeYb1urpmhALHv_0lm6ZI8w
Linkedin: https://www.linkedin.com/company/inscoin-holding-ou/
Reddit: https://www.reddit.com/r/InsCoin/
Bitcointalk User: Kalikanan
Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2079149