HMS Launches Product Completely Built Around Mutual Insurance
The largest online crowdfunding platform in the Asian continent, Hi Mutual Society, will be trying to solve the main issues of the insurance industry embracing blockchain technology.
The insurance industry works with people investing their resources so as to protect against risk and uncertainty. By pooling their savings, they are able to get medical help. In the United States, and many other countries on earth, the industry has been severely regulated, and the extra burden that companies need to take on their shoulders makes it more expensive for consumers and less responsive as well.
The blockchain project Hi Mutual Society (HMS), part Qfund, the largest online crowdfunding platform in Asia, is looking so as to bring the benefits of the blockchain technology to the insurance field. Distributed ledger technology may be very useful to reduce costs and improve the services offered as it is already doing in other economic sectors.
The startup has developed three different products known as Global Health Mutual Support, Token Support, and Flight Delay Mutual. The first one is a risk pool for health, the second one for crypto volatility, and the third one a flight delay risk.
With the Global Health Mutual Support, individuals will be able to hedge against illness. When a person gets ill, everyone in the group takes on the cost. This allows everyone to obtain a stable health risk protection plan at lower prices than in the market.
Additionally, HMS will also offer a token mutual support that targets crypto users and give them a way to protect them against large losses due to the volatility in the market. With it, users will be protected against the ups and downs from a market that is constantly changing.
And if these products were not enough, HMS will be offering a decentralized way of compensating users for flight delay. This would protect them in case there is an inconvenience with a flight.
HMS is working to allow users to directly form risk pools without any middleman insurance carrier coming in between them. Moreover, the company will also be compliant with financial regulations including KYC laws and other requirements.