InsCoin: Insurance via smart contracts
According to the Knox company research, the business loses millions of dollars each year due to the lack of insurance payments. Insurance event, whether it is an accident or loss of important data in the company, requires the collection of many documents, work with inspectors of the company. That is why the payment may be delayed for months.
Figure 1. InsCoin is a new approach to insurance products
The InsCoin platform is a decentralized solution for the conclusion of various insurance contracts. The secure case processing and payment transfer are automatically conducted, personal data about the company are stored in the blockchain. Such an approach excludes the falsification, delay of payment, necessity to provide an insurance company with documents.
How does the InsCoin platform work? Who will benefit?
The project is based on the successful practice of the Knox company automating the issue of insurance certificates and the calculation of payments. The main function of InsCoin is the creation of customized profiles for brokers who will then offer unique terms for customers. The approach is completely different from the traditional market: instead of the conclusion of the "framework" contract, it solves individual problems. There three merits of Customized Profiles distinguished by the developers.
FIgure 2. Insurance recovery via InsCoin
- Possibility to create insurance contracts using data of clients' cryptocurrency wallets. Such a tool let work in the international market and insure customers against various types of risks simultaneously.
- Possibility to choose several insurance companies. An ordinary InsCoin user can insure his property, risks of stock market trading, and other activities with the most favorable terms.
- Automatic payments upon occurrence of any of the insurance events specified in the contract. If the client gets a serious situation, he can open the InsCoin app and describe the situation in detail, and smart contracts will "take care" of this.
Figure 3. Technical possibilities of InsCoin for brokers, insurance companies, and clients
Personal data and the insurance object are described in detail in the smart contract and stored in the blockchain encrypted. Such an approach protects insurance companies and persons against various types of fraud, which is relevant in the modern industry. User's requests are processed in some minutes, that is why users quickly receive insurance payments.
How is the ICO of InsCoin going? How will the project develop?
The development team of InsCoin has issued 500 million ERC20-compliant tokens. The rate of exchange is 5 thousand INSC to 1 ETH. The team is planning to collect 40 494 ETH in the Pre-Sale (June 23 - July 15) and in the Crowdsale (July 23 - August 30).
Most part of INSC (54%) is going to the public sale. The brokers will receive 15% of the total number of tokens, the team and brokers-partners will get 10%, 9% will be reserved for new companies, 2% will be invested in AirDrop and Bounty. The funds collected in the ICO will compensate the expenditures of integration of insurance companies in the platform (60%), development (20%), marketing (10%) and creation of the reserved fund.
Website: https://inscoin.co/
WP: https://inscoin.co/documents/Whitepaper-EN.pdf
Telegram: https://t.me/inscoinico
Linkedin: https://www.linkedin.com/company/inscoin-holding-ou/
Twitter: https://twitter.com/inscoinforknox
Facebook: https://www.facebook.com/Inscoin-for-Knox-1802470656458272/
Reddit: https://www.reddit.com/r/InsCoin/
Author on BCT: Melnikof https://bitcointalk.org/index.php?action=profile;u=1152502