INSCOIN FOR KNOX- Blockchain based insurance company

ololatide (11)in #cyptocurrency • 6 years ago

What is InsCoin for Knox?

The KNOX project will be 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.

The INSCOIN project intends to use, among the many available, the Ethereum blockchain, which currently presents the largest number of real used cases and economy of services and transactions currently in operation. Ethereum makes available, using its infrastructure and ERC20 technology, the creation of digital private coins of controlled issuance (token) with which it is possible to support an entrepreneurial project.

The goal of KNOX is to reach, by exploiting the blockchain, a decentralization of the whole insurance system. Decentralization means the transformation of traditional insurance policies from paper into smart contracts.

With the smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment.

With the smart contract the company won't have delay in collecting credits, as the policy is issued only after receiving the payment. This factor aims to significantly improve the management of the company itself.
With the smart contract in the event of accidents the real judge who will decide whether or not to pay them is no longer the company, which could have an opportunistic behavior, but the block-chain system will decide if this accident is compliant with the provisions in the policy. This benefit will be the most important as it will increase the transparency of the company towards customers.

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

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.

Deflation Plan and Token Economy

The INSCOIN token is a fundamental part of our project. Through it the customer can pay insurance premiums and can access the maximum degree of authenticity of the policy, receiving it in the form of smart contract.

15% of the supply (Broker WholeSaler reserves) will, at the end of the ICO, be temporarily blocked by a smart contract for 1 year. Starting from this basis we have foreseen a further controlled reduction of the working capital based on the sale of insurance policies.

The collection of premiums in inscoin is articulated like this:

For premiums < $1’000’000 1% must be paid in INSC

For premiums < $100’000 3% must be paid in INSC

For premiums < $50’000 5% must be paid in INSC

For premiums < $10’000 10% must be paid in INSC For premiums < $ 500 20% must be paid in INSC