Do you own a car or house? Then, you must be paying a monthly or annual premium for those policies. Let us assume that you don’t get a problem in your car or house for a period of 5 years after you took your insurance policy. Obviously, you won’t file a claim during this period. What will happen to the money you spent for paying the premium? Nothing. You won’t get a single penny back from the insurance company as there is no claim.
With the advent of internet and technology, we are getting rewards for many things we do. For example, companies like Ebates offer up to 10% cashback for online shopping with more than 100 retailers. Mobile carriers and Internet Service Providers (ISO) are always offering discounts and low-cost plans to provide benefit the customers. Popular retailers like Amazon, Walmart etc provide holiday deals, membership bonus and clearance sales which will help the customers to save some money. The only place where we don’t get any rewards but only debt is the insurance sector.
Now, the problem statement is: How the insurance companies can become smarter and give some kind of reward to the customers?
Aigang Network, a Singapore based company is planning to provide an innovative solution to the above problem by introducing the concept of DAO (Decentralised Autonomous Organization) insurance protocol
What is DAO insurance protocol?
It is nothing but a digital insurance protocol based on the blockchain network that plans to provide insurance for the Internet of Things (IoT).
IoT is nothing but a simple network of several physical devices embedded with needed electronics and sensors that makes them remotely accessible. The best example of IoT is smart home where the appliances in the house like a fan or light can be controlled by using our mobile phone remotely.
Aigang network is developing a mobile-based digital insurance app for implementing this protocol. The significant feature of this protocol is “Auto claim”. The devices can file a claim for themselves once it reaches a predefined set of criteria. This concept is achieved by the use of smart contracts in the Ethereum blockchain. To learn more about the technology behind the app, please visit the whitepaper http://bit.ly/AigangWP
Aigang Network has chosen the mobile phone battery as its first product. Most of us will face several issues with our phone battery and spend more money to get it repaired or replace it.
Let us say, you take insurance for your battery using this digital insurance app. You will get an instant payout if your battery during the term of your policy or contract. The claim will be automatically filed without your intervention as the performance of your battery is monitored remotely. Aigang network is planning to extend this concept to many devices like drones, automatic cars etc in future.
Sounds interesting, Right? The company currently offers a chance for the investors to invest their money in different products by participating in their token sale in November. To read more about the token schedule and road map of the company, please visit https://aigang.network
Ms pentru vot Dani, de acum te urmaresc!!!
Mersi
Nice post
Electronic currency exchangers rating
Electronic currency exchangers rating
nice Post!!!!
Keep it up!!!
;o)
nice Post!!!!
GOOD IEDA
Keep it up!!!
;o)
great idea
Interesting idea but how would claims be investigated for validity and how would policies by handled across various jurisdictions?
I have similar questions.
Thanks to Augustas Staras, Aigang CEO, I have got the answers to your question: Claims are verified via smart contract features that check API data sent from device and automatically trigger event and payout (or not, in case there's no valid claim). Jurisdictions are not limited to devices, and are subject to insurance licencing which we plan to cover in future as our operations grow.
Many thanks for the clarification.
I'm with you on this as an idea but there is a lot of ?'s that come with dabbling in insurance & a lot of red tape.
Fraud is potential area that can be minimized via blockchain, by making data available on blockchain and using smart contracts from participants to stake the validity of claim and event. Also, using third party Oracles can help here to minimize the fraud risk.
The biggest risk factor is "cheating" the device and it's ability to send data to smart contract. This can be covered by filtering IPs and other ways to block scam/spam/cheating.
Who decides when & what amount is paid out? - Build of smart contract that governs insurance policy is done by Actuary and Insurance product managers.
Nice post
Electronic currency exchangers rating
Electronic currency exchangers rating
great post.
nice post, bro...
#upvote and follow back.. :)
thank you for sharing! upvoted :)
Great use case for Blockchain technology
Sorry I disagree .. it's just an old idea with a new spin .. insurance industries are a bit of a scam .. trust me I've worked for major instituions in this space . There has to be a better way .
Your post was resteem by Whale ResteemService @booster007
Keep it up!
All the best!
First Follow for 3 hours | Send a transaction with post URL | Your post gets resteemed | A post can only be resteemed once!
Your post was resteem by Whale ResteemService @booster007
Keep it up!
All the best!
First Follow for 3 hours | Send a transaction with post URL | Your post gets resteemed | A post can only be resteemed once!
hola .la verdad es que las criotomonedas y la descentralizacion cambiara el mundo financiero
This is awesome. I wish we can get this future technology for our main insurances that don't give any incentives but money wasted. Keep it up and keep us posted for more to come. Frank-