The insurance policy is a contract between the insurer and the insured, known as the policyholder, which determines the claims which the insurer is legally required to pay. The insurer promises to pay for loss caused by perils covered under the policy language.
Insurance fraud is a serious crime that has been around for decades. As there are diverse kinds of insurance there are also fraudulent claims with it. Aside from the burden of investigation there seems also the problem of organized insurance fraud schemes. Those who suffer most from this crime are companies losing almost billions of dollars.
The KNOX Project will be the first company that will use blockchain technology that offers the solution to the problem of insurance fraud, certification and has an anti-forgery of insurance policies. Its goal is the transformation of traditional insurance policies bringing it into smart contracts. The integration of blockchain technology will enable a non-falsification of documents, transparency, security or an overall decentralization of the whole insurance system.
Some of the benefits of insurances using smart contracts:
- Improving the efficiency of creating claims
- Decrease the problems of paperwork
- Takes out the middleman and automatic execution of contracts
- Accurate claim assessment and pricing
- Automatic payment and claims
Using smart contracts will help an automatic transactions especially in business sector, it also provides transparency whereas all terms and conditions must be validated first before executing, hence providing a trust less agreement. It uses an encryption in the program that is impossible to steal the data and provide speed from the automatic verification and transactions of funds.
The INSCOIN token and Platform
The INSCOIN token will be used as a payment for insurance premium and will have its own platform to enable access of insurance products; for the payment of policies and as a platform where brokers will create profiles for their clients. When the policy is purchased they will receive an authenticated policy and a code of it with the address of the smart contract. To protect the value of INSCOIN token from deflating the team plan to lock up for 1 year the 15% of the broker’s supply after the ICO and will then be released at 25% quarterly. It is also stated that any unsold tokens will be burned.
For more information kindly visit their website and check out their whitepaper.
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