The SIP SmartInsurProtocol aims to foresee the future of insurance through AI and the blockchain technology. By bringing blockchain and AI together, people from all corners of the world can freely join a reliable ecosystem that introduces a heavenly next-generation insurance market in which members will enjoy better benefits. The service providers will earn better profit, as investors gain better rewards.
What is SIP SmartInsurProtocol?
Insurance is a highly manpower-intensive industry, usually traded through multiple layers of intermediaries. All along, the presence of intermediaries in any field leads to inefficiencies and lack of transparency. In the insurance sector, such inefficiencies damage the profitability of most institutions. To solve the problems, most insurance industries now turn to innovative technologies for solutions.
Artificial Intelligence (AI) is gradually but certainly becoming the trend for the changing insurance industry. For example, insurance robots are one of the newest parties involved, which continue to influence and create a new ecosystem for all players in the chain.
SIP SmartInsurProtocol offers an innovative platform that combines AI and insurance together depending on the blockchain’s decentralization and characterization characteristics. This, in the end, brings efficiency to a new height with references to the Lloyd’s blueprint.
The SIP Ecology
The Smart Insurance Protocol ecology consists of the following components:
individuals and companies worldwide can get insured on the platform and claim compensation when an accident occurs. In addition, through the power of the community, the fraudulent claims are detected and reported.
actuaries and professional agencies around the world can issue their insurance products in the community and get the corresponding rewards of their product performance.
Underwriter and Claims Specialist
Investors and backers of the insurance products will use tokens to back up one insurance product and get the corresponding reward of their product’s performance.
insurance agents and intermediaries will conduct business on the platform and remunerate token from the sales amount. Sales could also assist customers in exchange of token for insurance in the absence of tokens.
Insurance Product Issuer
An underwriter decides whether the insurance policy can be issued within one insurance product, the corresponding rates, and wording terms. Claims specialist will assess the claim information and authorize whether to compensate and how much the compensation should be.
The SIP SmartInsurProtocol Roadmap
QTR 1 2018
Proof of concert logic display page completion. Rules and regulations on insurance underlying chain structure design, product publishing limit, and reserves criteria for community access, identity management, and interaction protocol matching.
QTR 2 2018
This will involve completion of smart contract algorithm and product development framework for insurance products, insurance product investment, insurance policy, claims handling and insurance robots.
QTR 3 2018
During this period, the company will release a better version for PC, product publishing function, and publish between 2 and 3 insurance products.
QTR 4 2018
Release v.1.0 for PC, provide product support function, and complete supports for initial products.
QTR 1 2019
During this period, the company will provide product sales insurance application functions. It plans to publish initial products facing community members and build machine learning modular, provide initial robot authentication, modular authentication of product publisher, sales person, underwriter, and claims managers, and their robots.
QTR 2 2019
Release v.1.0 for PC frequent functions deployed to mobile, supporting mobile product publishing, support, sales, and application machine learning modular for robot evolutions.
QTR 3 2019
Release v.2.0 for PC and provide claims request, claims handling, and renewal management platform to support more types of products.
QTR 4 2019
Release v.2.0 completion of DAO, AI machine learning modular for robots evolution, data sharing, and training on request.