Socratus Insurance

Socratus is a complete insurance ecosystem, uniting all players under indisputable win-win rules and turning the insurance market into a fairplay

Win-Win insurance Customers feel that they are wasting time and money, dealing with insurance and the insurers behave like they do not wish to pay in the event of a loss. The focus should be on the consumer interests, win-win insurance rules axioms are:

— instant claim payment,

— fair and transparent dealing,

— friendly prices.

Insurance is upgraded to the next level through the use of new technologies and a qualitative change of services. With new processes and technological application Insurance offers new products not having existed before. Everyone can have the same access to new technologies today. The winner will be the one, who is able to combine these tools in the right way.

Socratus win-win insurance gives a win scenario for customers and win environment for insurance companies and data/service providers. We create an insurance ecosystem with instant claim payment, friendly prices, and transparent deal​:

— software platform for easy white labeled integration with existing insurance companies and their partners/agents,

— open insurance protocol on blockchain providing decentralisation, transparency, and security for all participants,

— fully transparent insurance company as a proof of concept and competition driver, — laboratory and incubator of innovative insurance products as a part of a platform.

Benefit

For consumers

Saving time & money:

Instant claim payment
Lower premiums
No need to collect
a bulk of document
No annoying personal communication with
Insurance company
For insurance companies

Saving costs:

Operating expenses
Claims management
Product developmen
Developing business

Data analytics
New insurance products
New customer segments penetration
How it works

Customer buys policy in Insurance company or agents. Smart-contract starts to work.
With the first Policy customer gets login and password to access his profile.
Customer informs insurance company about accident through its web site or application.
Smart-contract executes the payment. Smart-contract is closed.
Smart-contract gives the signal to Oracle to check the accident.Oracles turns to verified data provider.
In case of confirmation of the accident Smart-contract sends the signal to send money to the customer.
SMART-CONTRACT

is a program code that replaces standard agreement, issues and executes insurance policy in blockchain

ORACLE

is a program code, that sends verified data to the smart-contract upon accident

Ecosystem

The Platform is a set of services, technologies, and APIs. It provides comfortable software engineered interactions for ecosystem participants and easy partners integration for white-label product distribution.

The Protocol is a set of rules and has several levels of development. In the beginning, it is an internal logic layer that describes the core ecosystem rules and APIs between insurance agents and companies with the main frame of the platform, which win-win insurance is based on.

Socratus insurance company ​is the operating insurance company as the proof of concept for the existing insurance market.

Benefits for ecosystem participants

Ecosystem rules aim to bring assured conditions for each participant, that is why we highlight personal benefits for each party. Insurance companies and intermediaries ​can be consciously connected to Socratus ecosystem. These parties gain the following benefits in the case of ecosystem adherence:

— white label for marketing activities,

— operational costs reduction,

— new products without any cost for development,

— a new source of revenue,

— a ready technological infrastructure,

— access to data analytics.

Customers.

Insurance companies and agents are still responsible for their own customer management. Consumers are able to get high-level Native insurance services: Rational: — instant claim payments without paperwork and time consuming actions,

— clear and friendly prices, as the ecosystem operates lower transactional expenses,

— multiple and user-friendly interfaces for communication,

— fair and transparent-dealing without any small print and hidden conditions, always aware of what one has paid for,

— free time for other more important things.

Emotional:

— invisible presence of insurance company since the moment of buying policy,

— feeling covered and relaxed if an insured accident occurs,

— predictability and overall less stress in a life. Service providers & data sources ​deliver secure data and relevant services for ecosystem operating. Participating within existing abilities new automated source of revenue and loyal consumers can rest assured whilst bringing on new opportunities. Both service and data provider gain following benefits by collaborating with Socratus ecosystem:

— additional revenue source,

— increasing the value of the provider’s product

Business Model

We connect Insurance companies to the Platform.

Insurance companies sell their customers new digital insurance products created by Socratus (White label).

The platform earnings consist of license payments from insurance companies for each policy conducted using Socratus platform.

The fee for services is % of contract insurance premium.

Socratus Token (SCR) is a driving gear and the internal economic unit of the Socratus ecosystem

Functionality

The means of payment for the license for using the technical product (platform) Socratus.
Socratus platform contributors reward tool
Unit for payment of insurance premium and insurance indemnity
User loyalty management and promotion tool

ROADMAP

TEAM

For more information visit

Website http://socratus.io/socratus

Whitepaper http://cdn.socratus.io/docs/Socratus%20white%20paper%203.4.pdf

ANN Thread https://bitcointalk.org/index.php?topic=4134975.new#new

Twitter https://twitter.com/socratus_io

Facebook https://web.facebook.com/socratus.io/?_rdc=1&_rdr

My BitCointalk profile: https://bitcointalk.org/index.php?action=profile;u=2293100

My ETH Address: 0xEE5E677832A32f9aCf1381B05ec7f2160550c0f2