Kasko2go, found online at Kasko2go.com, aims to create a decentralized version of car insurance. Find out how it works today in our review.
Kasko2go aims to create a new world where car insurance is faster, cheaper, and more fun than ever before.
The Kasko2go app is already available on the iOS and Android app stores. A pre-sale is scheduled to begin on April 19, with a main ICO scheduled to begin on May 25.
Kasko2go is being developed by a team based in Zug, Switzerland (Crypto Valley). That company previously developed insurance solutions outside of the blockchain industry. Now, they see an opportunity to use blockchain technology and smart contracts to disrupt car insurance.
What Is Kasko2go?
Kasko2go uses blockchain technology to sell insurance for up to 50% cheaper than any competitor. They also claim that drivers can access insurance in less than 15 minutes using the simple iOS or Android app.
Using the app, for example, you can take a photo of a collision, then receive an insurance payout immediately. Instead of going through a time-consuming claims process, you can get insurance payouts as quickly as possible.
Kasko2go emphasizes an individual approach to car insurance: the company conducts an individual risk assessment using “unique mobile telematics technology.” Every driver will receive an insurance policy that corresponds to his or her personal level of risk. That makes Kasko2go’s prices 30 to 50% lower than its competitors – including traditional insurance companies.
Today, the Kasko2go app already has 25,000 users. By Q2 2018, the company hopes to introduce its K2G token and launch its platform in Switzerland, Austria, and Germany.
How Does Kasko2go Reduce Insurance Fraud?
The secret behind Kasko2go’s system is its mobile app. The company has been analyzing driving habits via GPS since 2012. They also use an Israeli-made technology called Getmelns that offers a military-grade approach to car insurance, allowing for complete round-the-car scanning and coverage. It’s an anti-fraud system designed to help insurance companies avoid being victims of insurance fraud.
Basically, Kasko2go uses GetmeIns to create a digital fingerprint of the vehicle. This digital fingerprint is used whenever a claim is processed. The unique digital signature of the vehicle is based on a single picture of the damage or a set of images – similar to the fingerprint technology used in criminology. These signatures can be matched to any baseline, including historical accident pictures and third party pictures associated with the same accident. This allows insurers to know if particular damages have already been seen or claimed – say, if they occurred in an early accident – or if this is a new accident.
Based on all of this information, Kasko2go will provide the insurance company with a “Possible Fraud Engagement Score”, or PFES, associated with that particular customer.
What Problems Does Kasko2go Seek to Solve?
Kasko2go believes today’s car insurance industry suffers from a number of serious problems, including all of the following:
- Expensive rates for everyone. Everyone drives differently, yet we all pay roughly the same price for car insurance. Even the safest driver has to pay for the risk of reckless drivers.
- Large overhead expenses. Traditional insurance companies have a complex and lengthy claims process. These offices have a high number of staff and large expenses overall.
- Stagnant infrastructure. The lack of a safe, shared infrastructure between insurance companies creates an extended, expensive process for each individual insurer.
Kasko2go seeks to solve all of these problems using blockchain technology and a decentralized infrastructure. They believe their decentralized ecosystem can replicate the features of a traditional insurance company – but at a fraction of the cost.
The Kasko2go ICO
Kasko2go’s tokens are called K2G tokens. They’re utility tokens used for transactions within the Kasko2go ecosystem.
The token sale for K2G tokens begins with a pre-sale from April 19 to May 19, 2018, followed by an ICO from May 25 to June 25, 2018.
There’s a total supply of 600 million K2G tokens, which are ERC20 tokens based on the Ethereum blockchain. A total of 67% of the tokens (335 million) will be sold during the public token sale at a price of 0.10 EUR.
The remaining tokens will be distributed to founders and the team with a 1 year lockup period (16% of the total supply), user incentives (12%), and advisors and ambassadors (5%).
The main advantage of the Kasko2go token is that token holders get immediate access to the fast processing system, which means token holders’ insurance claims are paid promptly, unlike traditional payment systems. Kasko2go describes their token as “the fuel of the Kasko2go ecosystem used by customers and Kasko2go third-party business partners worldwide.”
Who’s Behind Kasko2go?
Kasko2go is led by Genadi Man (Co-Founder and CEO) and Raj Singh (Co-Founder and Board Member).
Genadi Man is an entrepreneur and founder of Telesens KSCL AG, one of the leading telecommunication billing companies worldwide with 1600+ employees in 13 countries, responsible for revenue of about 300 million EUR. He also founded ManOilGroup AG, which specializes in the treatment and cleanup of largescale oil spills.
Raj Singh, meanwhile, is an insurance and financial industry expert who served as a Chief Risk Officer and an executive member at Standard Life Aberdeen PLC, Swiss Reinsurance Group, and the Allianz Group.
Kasko2go’s technology has already been recognized by Google. By implementing their data with Google, Kasko2go was able to collect data from 3 million drivers.
Kasko2go is based in Zug, Switzerland (Crypto Valley).
Kasko2go aims to disrupt the European insurance industry using a blockchain-based platform and military-grade anti-fraud technology. These technologies will reduce insurance fraud while also reducing costs across the insurance industry.
To learn more about Kasko2go and its upcoming token sale, visit online today at Kasko2go.com.