Insurance is an integral part of the financial system and an enormous market in every economy globally. Even though traditional insurance companies have been around for a while, they are yet a fast growing industry with boundless market potentials. Global premium income of this industry is about $4.8 trillion USD. Global insurances are growing at about 4.8% year on year and Asian markets are growing at a much faster rate. China alone has grown 23% in 2017.
However, its development has encountered numerous challenges.
What Challenges Does The Insurance Industry Face?
- Too many intermediaries: Most of the premiums generated by traditional premium companies are used to cover channel costs.
- Insufficient data protection: Insurances are not serious on protecting customers‘ privacy, which may include private information.
- Misleading marketing techniques: Insurance companies’ reputation have been tarnished by insurance agents lying or withholding information.
- Insufficient innovation: Most of the policies can’t be personalised on demand and offer similar products.
All these problems can be addressed by blockchain, which is what InsureChain is doing.
What Is InsurChain?
InsurChain parent company is XLAB Foundation Ltd which is a non-profit foundation based in Singapore. InsurChain wants to become the provider of the blockchain infrastructure worldwide for all insurance markets. They are going to build bot enterprise level blockchain-platform and scalable DApps to support the system.
By leveraging blockchain to address the inflection point in insurance, they will improve the efficiency of the entire industry.
- BizGuard: It is a smart contract based insurance solution for enterprises.
- PalsGuard: This is an insurance solution for communities. This is a P2P insurance model. They will build a community to let people with similar demands to share risks and this will cove property, liability and health demands.
- SelfGuard: This is a marketplace for personalized insurance to satisfy individual insurance demands.
- Blockcahin based insurance cards: In this upcoming project, all the transactions can be traced on the chain and customers can use blockchain based insurance cards to exchange policies. This enables everyone to be a distributed channel of a certain policy.
- Insurance blockchain points: To solve the problem of traditional insurance companies’ inability to effectively use bonus points on their platform, InsurChain has made bonus points from different insurers interchangeable. This improves the liquidity of bonus points.
InsurChainCoin(INSUR) is the crypto token within the InsurChain ecosystem. It will serve two primary purposes. The first one is to use it to get products and services while the second one is to serve as a digital asset for the users.
There will be 20 billion InsurChainCoin tokens which will be distributed as follows:
- 8 billion tokens(40%) for investors
- 2 billion tokens(10%) for cornerstone investors
- 3 billion tokens(15%) for operation funds to support the community
- 3 billion tokens(15%) for developers of the platform as rewards
- 4 billion tokens(20%) for founding and developing team
There are countless benefits of InsurChain ecosystem. Every blockchain aficionado and developer for insurance can join the InsurChain ecosystem and develop applications. Consumers can upload their idea and customize a policy to cater to their needs. Third party companies can provide services for users within the ecosystem. Insurers will be able to launch next generation policies on the platform.
These advantages prove that InsurChain is the next step of insurance products and services. More information about this revolutionary platform is available on http://www.insurchain.org/ .