I have come across so many insurance commercials, insurance related jokes, agents who talk to my parents and try and convince them into buying some insurance policy and many other insurance-related things. Hospital bills, vehicle services -- everything is "covered" by insurance. Some celebrities actually insure their body parts which they are most famous for. And even though I have come across the term insurance a lot, I had never really spent time to understand what it really is. All I knew was that if something got damaged, insurance gave money for it, which is the lamest way to explain insurance.
One day I decided that I should start learning about "adult" things, and I read about insurance and how it actually works. It is actually a pretty interesting concept, with a lot of complex aspects and rules involved. It really isn't as sweet as the insurance agents make it seem to be. Let me first mention the definition insurance to set up the stage:
"An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium."
Sounds cool right? It gives us a sense of security and reduces our stress about things that may happen in the future with a certain degree of uncertainty and yet could disrupt everything if it happened. But it's not all rainbows and sunshine. Insurance companies always try to get out of giving customers their money as much as they can. So they sometimes insert clauses in the contracts which customers overlook while signing but later get affected by it when the company brings it up as an excuse to not give them the money. And it's not just the insurance companies. People actually kill for the money. They damage their things, get hurt and what not, just to claim their insurance. I know it sounds a little extreme and sounds like something that would happen only in movies and TV shows, but it is the unfortunate truth. Also, ever since everything has become digitized, the insurance domain also runs at risk for cyber-attacks and high level insurance frauds.
As a keen follower of blockchain technology, I have been reading and educating myself about many start-ups launching blockchain-based projects and ICOs. That is when I came across the InsCoin ICO.
The KNOX Project
The Knox project has been developed with the intent to remove all inefficiencies and problems in the current insurance schemes and create an efficient and advanced structure by merging the real world with the digital world. It deals with the problems of certification and forgery of current structures through the implementation and usage of the revolutionary blockchain technology by establishing the InsCoin platform.
Since the platform uses blockchain technology, there is full transparency and security, meaning that customers and companies can track the insurance policies and there is no scope for fraudulent activities. The insurance policies are given out in the form of smart contracts as well. Thus, the InsCoin platform for the Knox project provides a solution to all the issues that current systems in the insurance industry face.
There are three major stakeholders in the insurance industry -- The companies, the brokers and the customers. And all three of these entities stand to benefit hugely from this platform. Customers get full access and control over their policies, but not to the extent of being able to pull off any cheap cheats since it can be verified by anyone. They are also protected from fraudulent policies. The same system also helps the companies detect insurance frauds. It improves the overall functioning of the company as well, with more efficient processing and improvements in cash flow. Finally, brokers would be able to establish themselves as worthy and credible in front of those who matter, and get their commissions processed almost immediately.
Conclusion
As we grow up we understand the importance of certain things in life. Insurance is one such thing. It is great that the Knox project has come up with a system that overturns the problems faced by current structures and I hope that they turn out to be very successful and change the insurance industry.
Website - https://inscoin.co/
Whitepaper - https://inscoin.co/#whitepaper
ANN - https://bitcointalk.org/index.php?topic=4422850
Telegram - https://t.me/inscoinico
Published by - smithjones
Btalk profile - https://bitcointalk.org/index.php?action=profile;u=1936039