INSCoin - powered by blockchain

tradesteem (34)in #ico • 6 years ago

InsCoin for Knox project will be an insurance company based on the blockchain where you can pay insurance policy with INSC token and FIAT value.

Its a very interesting opportunity to be part of this😊. This is a revolutionary Start-up. This Start-up is revolutionary.

InsCoin for Knox Project aims to establish the first insurance company that will accept a Crypto (INSC) for the payment of insurance premiums. Blockchain will solve the problem of falsification of insurance policies.

Today, fraud is deeply prevalent in the insurance industry. In the United Kingdom, insurers uncovered more than 130,000 fraudulent claims, valued at $1.7 billion in 2015, according to the Association of British Insurers. The Federal Bureau of Investigation (FBI) estimates that the total cost of insurance fraud in the United States is more than $40 billion per year, which translates to increased premiums of $400 to $700 per year for the average U.S. family.
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.

Why Inscoin for Knox are embracing blockchain? For Fraud detection and risk prevention:

Blockchain has introduced transparency, and it creates an element of trust previously unseen in insurance. Blockchain is being anticipated as a solution to the industry’s big challenges, and will enable insurers to come up with entirely different products and markets.

From fraud detection to healthcare and reinsurance, the potential applications are vast.
Blockchain’s immutable properties make it a natural partner for insurance, where settlements and reconciliation between multiple parties across the insurance and reinsurance chain can be painful and protracted.

INSCoin role in fraud detection

INSCoin is the first blockchain based insurance company, whose mission is to make the first step in the evolution of this indispensable market.. the risk market.

INSCoin 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. INSCoin will be the first insurance companies offering smart-contract-based insurance policies along with classic paper-based policies. INSCoin guarantee the highest level of authenticity of the polices.

Conclusion

One of InsCoin’s strengths will be the automation of the issuance of policies and the payment of compensation when the claim that is the subject of the policy occurs.

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