INSCOIN - The First Blockchain Based Insurance Company

urangkuceng (36)in #blockchain • 6 years ago

Peaceful greetings of the universe, this time I will discuss about ICO or project INSCOIN, thanks for taking time to read this article. Sampean Pancen Ngeten (JOSS).

Insurance is one of the oldest industries, and can be seen as representing part of the growth of the modern business which has come to define societies all over the world. While insurance in a form we would recognise today began with the first insurance contract in 1347.

Methods for transferring and distributing risk in a monetary economy have been observed in China in the third millennia BC.One thing that has defined the insurance sector over thousands of years is its ability to adapt its practices to fit with a changing technological landscape. From contracts written on parchment to websites and big data, the industry has changed rapidly.

Blockchain is the latest technological game changer to enter the picture, and many are predicting that distributed ledgers could have profound effects on the way that insurance companies are able to operate.

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.

Blockchain technologies can help the wholesale insurance sector fulfill its role in underpinning the global economy more effectively. Just as blockchain is being pursued as a force for positive change in other areas of society – from identification for refugees to better public service delivery – it can also help wholesale insurance to discharge its responsibilities for the common good.

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.

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.

Info Token

Token - INSC
Platform - Ethereum
Type - ERC20
PRICO price - 1 INSC = 0.0002 ETH
Price at ICO - 1 INSC = 0.0002 ETH
Pre-ICO begins - June 23, 2018
Pre-ICO ends - July 7, 2018
Bonus - Available

Investment Info

Min. investment0.1 ETH
Receive - ETH
Distributed in ICO - 54%
Soft cap - 4,000 ETH
Hard cap - 39,444 ETH

Token on sale - 270.000.000
Unallocated tokens will be burned after the ICO ends

INSCOIN tokens are a fundamental part of our project. Through it the customer can pay the insurance premium and can access the maximum level of authenticity of the policy, receive it in the form of smart contract.

CURRENT DISTRIBUTION

54% of total bids are allocated for token sales
15% Distribution to wholesale trade
10% is allocated to teams and advisors
10% Distribution of network partnerships
9% is allocated to the company
2% is allocated to Airdrop and Bounty

FINANCING DISTRIBUTION

60% is allocated for the manufacture of insurance companies
20% for platform development
10% is allocated for marketing
10% is allocated to backup

Roadmap

Realization of study project (MARET 2017)
Team Building
Establish the first collaboration network

Business Plan Forecasts (MEI 2017)
Legal consultation
Invest € 150,000

IT Insurance licensed platform (JULY 2017)
Invested € 300,000 for certified insurance platform

Insurance partnership (OCTOBER 2017)
Partnership with over 300 insurance brokers ready to work with the company

ICO Planning (FEBRUARY 2018)
ICO planning and marketing plan development

PRE-ICO (JUNE 2018)
Starting from PRE-ICO

ICO (JULY 2018)
Starting from ICO

Trading inscoin at major exchanges (SUMMER 2018)
InsCoin will be listed on the main exchange to ensure easy implementation for the company's future customers and the exact volume compared to our revenue.

Compliance to obtain an insurance license (AUTUMN 2018)
We will get authorization from the authorized authorities of the three countries to provide legal insurance services.

Introduction to internal platform (WINTER 2018)
With that customers will be able to access their policies through smart contract.

Smart contract in insurance business (WINTER 2018)
Smart contracts will increasingly become the protagonists of the insurance industry.

Partners

INSCOIN is a good ICO program.
Think business is pretty fantastic. It attracts people regularly.
Experienced and skilled cooperation is difficult to achieve.
We can build the ability to achieve goals.

More Information Visit The INSCOIN Link:

Website : https://www.inscoin.co/
Whitepaper : https://inscoin.co/assets/content/whitepaper_en.pdf
ANN Thread : https://bitcointalk.org/index.php?topic=4422850
Telegram : https://t.me/inscoinico
LinkedIn : https://www.linkedin.com/company/inscoin-holding-ou/
Twitter : https://twitter.com/inscoinforknox
Facebook : https://www.facebook.com/Inscoin-for-Knox-1802470656458272/
Reddit : https://www.reddit.com/r/InsCoin/

Author : Urang kuceng
My Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1536267