INSCOIN - The First Decentralized Insurance Company
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The goal of the KNOX project is to become the first insurance company to unite the real world with digital technology using blocking technology, and to create the most effective structure in this industry in order to solve the problem of certification and anti-forgery of insurance policies. Insurance policies will be issued both in paper form and in the form of smart contracts. The customer will be able to maintain full control in real time, in full transparency and security. The project "KNOX" uses blocking technology, which is beneficial for customers, insurance companies and brokers. Customers have full control over the insurance policy. Through the web and mobile platforms can access all the services of the company and check all policies. A smart contract guarantees the receipt of genuine MTPL policies, since the system will issue them after payment is received. For insurance companies, blocking improves work processes, protects against fraud. Thanks to smart contracts, there will be no delays in collecting premiums, which will significantly improve the company's cash flow. For brokers, blocking is convenient because there will be an instant check of your administrator's report and an instant distribution of commissions.
With the help of the platform developed by KNOX, the insurance policy will evolve to become fully automated and to prevent any possibility of conflicts between the parties involved. Insurance companies will be established in Lisbon, Bermuda and Dubai and will work according to the world scale. Appropriate licenses will be obtained from the authorities of the three states, allowing for insurance. In early winter of 2018, an internal platform will be introduced, allowing the client to access his policy through a smart contract. The team of this project has already done a great job in 2017. Namely: in May, a business plan for a legal consultation was drafted, in which 150,000 euros were invested, and partnerships were established with more than 300 insurance brokers who are ready to work with companies.
