Do you have an insurance? The question is asked when we enter the hospital. The different damages in our life can be covered by insurance policies. We are all aware of the nature and job of insurance. Today, we can get insurance of almost anything. The insurance industry is growing at a rapid scale, and it is adopting digital technologies to reach the next level. Many developing countries do not have sound insurance ecosystem, and that is directly reflected in the social capital output. What do you think about the situation where most of us insured ?
It provides security and relief in our daily life. The independence it provides to the people can only be measured when the people benefits from those insurances. But the current industry ecosystem is broken. It has become costly and unaffordable for most of people. The transformation of the current insurance industry into an independent, decentralized and transparent industry requires technological and framework overhaul. Do you think we will be able to reach the solution with the current set of technology.?
Solution offered
INSCOIN is launching a platform for insurance industry where the broker can create their account and easily manage all their clients. To convert the paper policy into the smart contract is the core objective of the platform. With the help of blockchain technology, they will bring transparency and reliability to the insurance ecosystem. Policy holders can view their terms and conditions which will be agreed by both the parties before entering into the contracts. The KNOX project of the ecosystem has a definite aim, and that is making the insurance industry free of fraud and forgery.
Smart contracts are the secure and binding digital contracts which cannot be falsified. The company has to bind to the smart contract in the event of insurance payment. Blockchain solution for the insurance industry is going to be one of the latest innovation in the market. I think that people working in the industry will benefit from the introduction of the blockchain technology. They are setting up the new insurance companies too for the latest services and products. Since it offers advantages to the customers and companies, it should not have much difficulty being adopted by the existing players.
ICO INFORMATION AND TEAM
500,000,000 INSCOIN are created for the project. 54% of the total tokens are reserved for the token sale. 60% of the funds will be spent on the insurance company set up while 20% of the funds will be spent on the product development. The team working on the project is experienced and committed towards the development of a decentralized insurance ecosystem.
Conclusion
Hospitals have tie-ups with insurance companies to provide best care to the patients. There are millions of people who are out fighting the vagaries of life without an insurance. Many countries have a different kind of schemes to fulfill the needs of the middle class and poor people.We can only create better products for the consumers and it is the unique qualities of the product that attracts people to the platform. With the help of blockchain technology, they have tried to present a new concept in the insurance industry. The future of the industry is blockchain technology which helps in strengthening unique services for the people of the insurance industry.
Adjusting to the current needs of the insurance industry, as well as, bringing new changes to the market are the goals of the platform. I think that people will sooner realize the advantages of the platform and the technology behind it. Once the process of adoption takes place in the market, we can analyze and improve the situation of this new framework presented by the platform. The age of paper is over, and smart contracts are going to weed out all the complexities and ambiguities in the insurance ecosystem. What do you think about the decentralization in the insurance industry?
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Published By- Kishan748
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Insurance works very much in our lives; It happens in a sudden event in our lives such as accidents or the death of someone, it works very much when no one has anything, whatever money the insurance scheme was kept in Are they a lot of work If the mind is taken from the right bank, then it is very important in the future