INSCOIN FOR KNOX - the way to change the insurance sector!

xam0rov (26)in #token • 6 years ago

PROBLEM: One important issue that blockchain technology seems tailor made to address is the underlying principle of ‘utmost good faith’ in insurance contracts.This principle states that every party entering into an insurance contract has a legal obligation to act with a standard of “honesty greater than that usually required in most commercial contracts”. This means that the insurer is required to trust that they are being told the truth by the person looking to take out insurance.

This differs from other contracts, which are usually based on the principle of ‘let the buyer beware’, or the idea that the buyer assumes the risk that the product may fail to meet their expectations.Applying blockchain to this issue would mean that both the insurance contract and the consumer’s personal data could be stored on a distributed ledger, with the consumer being in control of who has access.

The data remains stored on the user’s personal device and this may eliminate the need for brokers and other intermediaries that have emerged as mediators between insurers and consumers. Not only does blockchain offer the promise of cost reduction and efficiency, but it could also enable revenue growth, as insurers attract new business through higher-quality service.

In inscoin for knox the company want to do something different, they are big fans of decentralized platforms, in fact we will depend on the Ethereum network for the deployment of their smart contract but behind our symbolic insocsa will be formed from 1 to 3 companies based on the number of ETH collected, remember that companies in the real world need a security fund of several million dollars to be legally regulated, with offices in the Bermuda Islands, Dubai and Portugal.

PROCESS:

Knox issues a paper-based policy and there will be a serial number of the policy and a unique bar code, Then the beneficiary should activate the policy on the platform. activation can be done by entering enter the serial number and the code which you got on the paper. Once you successfully entered the correct data you will see a certified PDF file and terms and policies are stated on it. It will also certify the coverage and authenticity.

Then the contractor can pay the premium and then Knox insurance policy will issue the policy in a smart contract form. This is how it brings the fully transparent and secure system to the insurance sector.

IDEA: 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. 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 blockchain system that, in a totally disinterested by the human opinion, 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.

TOKEN:

Ticker: INSC
Type: ERC20
Total delivery: 500’000’000 INSC
Tokens for sale: 270’000’000 ISNC
Exchange rate: 1 ETH = 5’000 INSC
Soft cover: 4’000 ETH
Hard cap: 39’444 ETH
Undistributed tokens will be burned after the ICO
Pre-ICO starts: June 23, 2018
re-ICO ends: July 7, 2018
Pre-sale price: 1 INSC = 0.0002 ETH
ICO Price: 1 INSC = 0.0002 ETH
Acceptance: ETHSoft cover: 4000 ETH
Hard cover: 39444 ETH
Bonus: up to 30%
ICO begins: July 23, 2018
ICO ends on August 23, 2018

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INSCOIN FOR KNOX - the way to change the insurance sector!

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