INSCOIN = First Insurance Company Based on Blockchain Cryptocurrency

Insurance in the form we know today began with the first insurance agreement in 1347, methods have been observed for the transmission and distribution of risks in the Chinese monetary economy in the third millennium BC. One thing that has determined the insurance sector for thousands of years is its ability to adapt its practices to fit the changing technological landscape. From contracts written on parchment to websites and large data, the industry has changed rapidly.

This Project Involves Institutions of Three Insurance Companies Based in Dubai. Portugal and Bermuda.

This Will Be the First Insurance Company to Offer Smart Based Insurance Policy Based on Classical Paper-Based Policy;

It Will Ensure A High Level Of Authenticity Of The Policy And Will Make It Evidence of Fraud.

Knox Project Will Publish "Smart" "Autonomy" Policies, Can, Through Clauses, to Assess The Existence of Claims and Payments Automatically and Accurately. Prevent Possible Any Opportunistic Behavior on behalf of the Company.

CHALLENGE

According to an FBI study, the annual cost of insurance fraud is about $ 40 billion. This insurance fraud imposes an average increase for American families of around $ 500 in insurance premiums. However, the biggest losses incurred by the company, IT security management and operational losses due to attacks involve enormous investment costs. For this reason insurance companies begin to manage cyber risks with the Three Defense Line model. Generally, IT and CISO, forming the first line of defense, implementing and implementing information security strategies.

SOULUTION

KNOX Project provides the founding of the first insurance company that will combine the real world with the digital world using Blockchain technology, creating the most efficient and sophisticated structure in the sector, to find solutions to certification and anti-counterfeiting issues. insurance policy. Blockchain technology, born from Bitcoin in 2008, is now increasingly being used in increasing the number of cryptocurrencies, to enable the creation of new decentralized and disintermediate generation services. Blockchain in public implementation solves a fundamental problem in creating a network without trust and without permission, where participants can consider a valid transaction, and therefore the possibility of certification is related,

What is InsCoin for Knox?

The KNOX Project will be the first insurance company to combine the real world with the digital world using Blockchain technology, creating the most efficient and sophisticated structure in the sector, to find solutions for certification and anti-counterfeit insurance policies.

The insurance policies issued by the Knox Insurance will be good in traditional paper form and in the form of smart contracts, allowing customers to monitor their policies in real time, in full transparency and security. Thanks to the platform developed by knox insurance, the policy will evolve into a fully automated and eliminate the possibility of conflict of interest between the parties involved.

Benefits of Blockchain technology for the insurance industry

Benefits for the customer

- Customers will avoid insurance policies that harm customers.

- Customers have full access to control of insurance policies written in Blockchain technology

- Customers can access company services and verify their policies using WEB or the Mobile Platform.

Benefits for the company

- A company will be easy in collecting Premium and will not experience delays in collecting it.

- Fraudulent policies will never be bored with the company.

- Blockchain technology will improve the company's operational processes and improve security.

Benefits to Brokers

- A broker will get Credibility in front of policyholders and get the benefits

- Checks will be faster on the admin's instant report

- Get commissions faster

Ways of working

This will be done gradually, the first thing to do is the authenticity of the certification policy will be partially done on the Knox Insurance platform and some will be done in Blockchain Ethereum. Once the process is complete then the end of the certification process will be issued a smart contract, this smart contract that will combine the authenticity and scope of the policy. Another function of the smart contract is to maintain the privacy of the contractor.

InsCoin platform

InsCoin is a part of the KNOX project which aims to merge the cryptocurrency industry and insurance industry. They wish to resolve the issue of certificate forgery which is still the major area of concern in the insurance industry. InsCoin will issue insurance in both forms using smart contract and via traditional pen and paper method. The use of smart contract and blockchain will allow users to monitor their policies with better efficiency and transparency that too in real time.

KNOX will establish its insurance companies in three places- Dubai, Lisbon and Bermuda Islands. KNOX platform will also benefit the insurance providers as they can receive the payment without any delay. The use of blockchain technology will also ensure that all transactions are secured. The use of smart contract will also remove the need for intermediaries which tend to increase the cost of insurance and will create a direct communication channel between insurance providers and customers.

InsCoin is still working on the development of its platform and it's too early to judge the company on the basis of their service.

ICO and Team

InsCoin uses ERC20 token which is created on Ethereum blockchain. The company has released 270 million INSC tokens for sale. InsCoin will organize the pre-ICO in the month of June (23rd July 2018- 7th July 2018) and the main sale in the month of July (23rd July 2018- 23rd August 2018) this year. The tokens will be sold at a rate of 1 INSC token = 0.0002 Ether (pre-ICO sale) and 1 INSC tokens = 0.0002 Ether (main sale). InsCoin will only accept Ether as the mode of payment for the purchase of INSC tokens. However, you need to invest a minimum of 0.1 Ether.

CONCLUSION

After much huddles and risk encountered by brokers over the years, thank God for the arrival of the most reliable and reliable decentralized insurance institution with the blockchain technology that is committed in resolving the problem of infidelity with an enabling capability to improve the insurance policies.

EXECUTIVE TEAM