The Insurance industry has evolved over years as a process of protecting life, property, and business from loss and uncertainty. And also as a tool to reduce or eliminate risk by maintaining standards and stabilizing businesses.
However, the rise and advance in technology have made the issuance of insurance certificates easier than it has ever been. However, these new advances have also made it easier for forgery and production fraudulent certificates. With an increase in the frequency of cyber-attack, rising operational cost and high digitization cost, it’s evident that the current insurance structure has failed to adequately address bottleneck facing the industry despite the advance in technology. The compliance burden for customers is overwhelming as easier options could only be wished for. The KNOX project is presenting the first blockchain based insurance company using the power of blockchain to merge the real and digital world, by creating the most efficient and advanced structure in the industry.
Transforming Traditional Insurance Policy from Paper to Smart Contract
KNOX has issued an insurance policy that is in a traditional paper form as well as a smart contract, giving customers the opportunity to monitor their policy, providing full transparency and safety. The robust platform developed by KNOX insurance will evolve to fully automate every process to eliminate any conflict that may arise between parties on the platform.
How It Works
First, the KNOX based insurance will issue a paper-based policy. This policy has a unique serial number and a barcode which the beneficiary will have to activate on a dedicated section of the InsCoin platform, by entering the serial number and code underneath the barcode. Upon providing these data the system will release a pdf with the term of policy clearly stated. Once the issued policy turns out to be not hedge, the contractor will have to pay the premium indicated on the whitepaper. Finally, KNOX insurance will issue the policy in smart contract form containing all the necessary details.
Accept InSCoin Token for Insurance Premium Payment
It’s a naturally occurring phenomenon where people take advantage of lope holes with a system exploiting it and undermining the process. The acceptance of InsCoin token will improve cash flow and eliminate the opportunistic behavior, by preventing the diffusing of fraudulent insurance policies. The platform gives the customer the full control over insurance policy written on the blockchain platform, by making it checkable by anyone anytime. Company’s cash flow will be greatly increased since there will be no delays in collecting premiums with an enhanced operational process that is completely secure.
For More Information and Tokensales:
Website: https://inscoin.co/
Telegram: https://t.me/inscoinico
Linkedin: https://www.linkedin.com/company/inscoin-holding-ou/
Twitter: https://twitter.com/inscoinforknox
Facebook: https://www.facebook.com/Inscoin-for-Knox-1802470656458272/
Reddit: https://www.reddit.com/r/InsCoin/
Author: https://bitcointalk.org/index.php?action=profile;u=2131555