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INSCOIN for Knox Project: Decentralizing the Insurance Industry to be one transparent and automated process

HyperviraAug 7, 2018, 5:49:16 AM

To set the records, the issuance of insurance first started way back during our ancestors’ trading activities, where goods are being verbally insured because of the never ending threat of pirates stealing the goods during its delivery. As the world continuously evolved, insurance is slowly becoming more of a written contract stating almost everything needed to ensure that the insured remains protected.

In today’s time, almost everything can already be insured. This huge market will seemingly never cease to exist as the current generation takes more pride in the insurance industry than ever before. Many have already seen the importance of it and seeing it as one investment which results to its growth.

But with today’s insurance ecosystem, many have been subjected to insurance fraud. And many companies are suffering more and more losses due to an inefficient IT security system and some human-oriented errors. Along with other current challenges, this allowed many consumers to fear exposing themselves in the said industry. But with the revolutionizing solution behind the Knox Project, the insurance industry will now become decentralized further detaching itself from the mistakes and errors of the current ecosystem.

The Knox project is for customers, insurance companies and brokers to have a more seamless transaction for being governed by smart contracts. With Knox Project, a decentralized insurance process will be observed further giving more transparency to concerned parties and elimination of human-subjected decision this way there will no longer be biases in the ecosystem.

For customers, the smart contracts will eliminate fraud in their side. No unwanted costs will be incurred as payments will remain the same all throughout as what is stated inside the smart contract. Consumers are also free to check his or her policy anytime to ensure transparency. Having been one of the most remarkable Blockchain technology – smart contracts, the integration of smart contracts in the Knox Project’s ecosystem specifically eliminates any chances of fraud such as in claiming for an insurance where everything will remain as what is stated in the contract without any human factor to validate any claims.

As for insurance companies, with the use of smart contracts premiums will now be collected automatically and facing charges for any accusations of fraudulent transactions will never happen again. This gives companies more chances to earn and save more.

As for brokers, having been able to prove proficiency in a decentralized environment is already enough proof for existing and future clients the credibility of your records. A decentralized community where your records are being kept transparent for everyone to see leaves no broker no room to spout false and non-sense claims. After all, a broker’s name and reputation binds everything related to their field of work.

How the Knox Project Works

The Knox Project revolutionized the issuance of an insurance policy. First, a client will be received a hard-print insurance policy containing details of the serial number and a unique barcode to distinctly isolate one policy from another. The client will now have to activate the policy in the INSCOIN platform using the details found on the hard-print. And once validated, PDFs containing the policy coverage and terms are found will be given to the client for reference. Once everything is done and authenticated, the policy and all its details will now be turned into smart contracts placed in the Blockchain where it will remain untouched and no longer be open for further changes until its maturity.

What is the INSCOIN Platform?

The Inscoin Platform is where clients can look over their policies any time they want. This will also be integrated in the Knox Project as a place where brokers can set-up their profiles and INSCOIN wallets to receive their timely payments.

The Knox Project’s token, INSC will serve as the primary utility token within the platform that will be used to pay premiums by clients which will then be received by the insurance company and the broker.