Inscoin is a Blockchain whose aim is to link the insurance market with the Blockchain technology. It will provide an online ecosystem for the newly established Knox Insurance firm that will have a global appeal. This company will have a footing on three global locations to serve the largest Insurance markets. These centers will be in Lisbon Portugal, Bermuda Islands and the City State of Dubai. Operating in these three jurisdictions will enable the venture to have a global appeal.
Price of token: 1 ETH=5,000 INSC
Total Tokens: 500,000,000
Type of Token: ERC20 ICO
Min or Max Personal Cap: TBA
Phase 1 Token Presale Dates: June 26-June 30
Phase 1 Cap: 1000 ETH
Phase 2 Token Presale Dates: July 01-July 07
Phase 2 Cap: 1500 ETH
Phase 3 Token Presale Dates: July 08-July 15
Phase 3 Cap: 5000 ETH
Token Sale Date: July 23-August 30
Main sale Cap: 31,944 ETH
The insurance company has been grappling with inefficiencies due to violations of the principles of insurance. This has led to massive loss of revenue as some Insureds embark on insuring non-existent interests and later lodge claims. Upon colluding with valuers and investigators, the Insurance company could go ahead and make the payments.
Additionally, there has been a problem of premium settlements partly due to bureaucratic record keeping processes that have often not been revealing defaulters on time. This has led to massive losses for Insurance firms as they grapple with bad debts.
From another perspective, Insureds have been having difficulties accessing the status of their policies, sometimes leading to cancelation due to delay in policy renewal.
The Blockchain Model
The Inscoin Blockchain is one of a kind. It will integrate the Knox Insurance and Inscoin in the following ways:
The Insurance will issue a policy document containing a serial number. This is after a formal request is made to the firm for coverage.
The Insured will then use the assigned code to access the Inscoin Blockchain ledgers to see the clauses, terms, and condition of the policy. This ecosystem will also notify the client about the premium to be settled on each case. Afterward, the Insured will enter specific data regarding the risk insured. A comprehensive PDF document, reminiscent of the traditional detailed policy document, will then be generated. Finally, the simple process will be transferred to a smart contract when the Knox insurance accepts the details and hold the Insured covered. The process is transparent, simple, and straightforward.
The Insurance Process
• The Insured purchases tokens on the Blockchain wallet.
• The Insured then communicate with the insurance broker to seek more information about the Insurance
• The broker then files the insurance proposal to the Knox Insurance who then offer a smart policy contract to the client.
The Inscoin Team
The people behind this ecosystem comprise of three parts; the executive, the team, and advisors. Collectively, they possess a wide variety of talents and professions to catapult the venture into great heights. One of the notable leaders of Inscoin is Agostino R. Luongo who is the CEO.
Merging an insurance firm and a Blockchain streamlines the industry by eliminating inefficiencies. The firms can be able to collect verifiable information about the risk, the clients can always access their data, and the brokers can offer advice and earn their commission on time. Inscoin will provide cutting-edge insurance that will also be unique through the timely settlement of claims.
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