We can now safely assure that the world is getting smaller every second. A single touch from your thumb can lead to the connection with billions of people around the globe. You can communicate, transfer data, or even value, real-time. These days, keywords such as ‘AI’, ‘’, ‘IoT’ has emerged to be the next generation of technological advancements. While various industries are eager to adapt and apply this innovative global phenomenon into their services, one of the biggest industries still remains old-fashioned.
In the traditional multi-trillion-dollar insurance industry, only incumbents with abundant collateral funds could readily design and provide an insurance product to . As a result of heavy , domination of incumbents and lack of community contribution, the market power of currently standing insurance companies is monopolistic. Insurance policies are non-efficient, expensive, and minimally protective. Moreover, geographical borders are limiting the evolution of insurance products. For example, around the corner of healthcare insurance, approximately 10% of U.S. citizens are uninsured, dying because of unnecessarily high cost of insurance policies. What’s more, current system of the claims process is exhausting. Policyholders have to worry, wait and sometimes, sue the insurance company in order to get the reimbursement.
Introducing, a decentralized digital insurance platform powered by technology, connecting billions of citizens of Earth.
In order to provide worldwide coverage of highly secured insurance product with fair price, we opt for technology with the layers of the smart contract and the artificial intelligence on it. Insurance products will be designed by talented actuaries of the traditional insurance industry, which can be individual or group of people or institution who qualifies the requirements and satisfies the community of Insure Network. With the extraction of many unnecessary intermediaries and processes by application of technology, talented actuaries will be able to design fascinating products with an attractive price range and variety of options. Significantly lowered cost of verification and that of networking will enable actuaries to design insurance products relatively cheaper than insurance products designed by traditional incumbents. Moreover, with the feature of smart contract, will experience the fastest claims process ever if the information from their submitted claims meet the criteria for the claim from the insurance policy they have digitally signed before.
Policy holders will be able to pay bills or 3rd parties directly with Insure Network insurance cards instead of going through exhausting claims process. Imagine just typing in the amount of funds needed for your car repair or medical expense on your phone. We will open card limit after fast inspection of your claim with our 24/7 running customer service center. Fraudulent claims will be tracked with inspection of transaction records on public and will be punished according to local .
How do we secure an abundant collateral pool, for an insurance product? Individuals or institutions can now invest on collateral of insurance products that are listed on our platform for their profit by Insure Network’s crowdfunding system, which will be collaborated with trusted stablecoin-issuing companies. A majority of the net profit from the insurance product will be given to shareholders of collateral. A minority of it will be shared to insurance product designers, Insure Network Foundation, and Insure Network holders. By creating competitive marketplace with constantly improving insurance products, our fundamental goal is to decrease the ratio of uninsured population with healthcare policy to zero.
Our goal is to create the world with affordable insurance policy for anyone, everyone around the world. The more people teamed up together, the more likely we can make this happen.
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Published at Sun, 10 Mar 2019 18:06:17 +0000
