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INSCOIN – Insurance Policies on the Blockchain


What is INSCOIN?

INSCOIN is the coin that will be used by Knox Insurance, the first blockchain-based insurance company. With INSCOIN, Knox Insurance is attempting to move insurance to the blockchain. The reason for doing this is because Knox insurance believes that blockchain technology can make insurance faster, cheaper, more reliable, and more secure. INSCOIN could potentially be a game changer for the insurance company if it works.

The Token

Token Name: INSCOIN

Symbol: INSC

Type: ERC20

Supply: 500,000,000

Price: 5,000 INSC = 1 ETH



How does it work?

Through INSCOIN, Knox Insurance will use smart contracts to sell insurance policies. This will go a long way toward preventing forgery and other types of insurance fraud. The policyholders will be able to monitor their insurance policies in real time digitally. They will also be able to make their premium payments in INSCOIN. This will provide a large degree of flexibility and convenience for insurance policyholders. Policyholders will still be sent a paper copy of their insurance policy however, for their non-digital records. The Knox Insurance Company will be established in Lisbon, Dubai, and the Bermuda Islands. However, Knox Insurance will be able to sell policies in many different nations, depending on the cryptocurrency and insurance laws that the nations have.


Why INSCOIN?

INSCOIN has the potential to significantly benefit both insurance brokers and insurance policyholders. It can benefit insurance brokers by helping to provide instant checks of admin reports and instant commissions when a policy is sold. Being able to access commissions seconds after they are earned is something that many insurance brokers will value.

INSOIN can benefit insurance policyholders by making sure that all insurance policies that are sold are legitimate. This is because blockchain technology protects customers from fraud too, not just companies. Blockchain technology also allows the insurance policyholder to check his or her policy at any time. Further, with INSCOIN, insurance policyholders will be able to use cryptocurrencies to buy insurance policies. This is something that is desirable for many customers around the world.

Essentially, INSCOIN and Knox Insurance are bringing the insurance industry into the blockchain era. This is likely the first of many insurance companies that will start testing the waters in this space. Smart contracts have the potential to bring a lot of security to the insurance industry. They can also help to add a high level of automation. The more process that are automated in the insurance industry, the more efficient this industry will be.

INSCOIN also claims that the use of blockchain technology will help to eliminate conflicts of interest, which are also a major problem in the insurance industry. So, basically, Knox Insurance is attempting to make the insurance industry more secure, more efficient, and more technologically advanced. INSCOIN is the vehicle through which it plans to accomplish these goals. If people take to INSCOIN, then it may just succeed. If it does succeed, then many other companies will likely copy the model that is being laid out by Knox Insurance.


INSCOIN advantages

The INSCOIN platform will provide both a standard hardcopy policy document to clients; however, the platform will also automatically assign each client with a Smart Contract so that each user can view their own policy in real-time, in a safe and simple way.

The clients will feel empowered, they will have complete authority over their chosen policy, and they or anyone else can have access to view their policy whenever needed.

The users can either go through the online or the mobile portal to access their policy, and they will also be able to engage in a verification process, in order to prove to the company that it is really them in charge of their own policy.

Probably, the biggest benefit for insurance companies is that Smart Contract’s help to automatically manage monthly payments, ensuring that the policy premiums are always up to date which means insurance companies will always have income.

Blockchain technology will ensure that no attempt at lodging a non-legal insurance claim will be able to be pushed towards an insurance company, therefore protecting insurance companies from significant losses.

Blockchain technology is also far more efficient for administration purposes, as well as extremely secure, therefore reducing the likelihood of cyber-security attacks and keeping business operations running smoothly.

INSCOIN will even benefit the insurance brokers working for INSCOIN though; the brokers will be able to automatically receive any commissions due, get intuitive access to their administrative tasks and have full reign of all necessary information for their client’s policies.


INSCOIN Ico Review

INSCOIN is an insurance platform that seeks to end the longstanding issues of cybersecurity and ensure that the instances of insurance fraud are minimized to the point of non-existence, or as close to that as possible.


Conclusion

INSCOIN is addressing needs on all sides of the insurance industry, they’re intent on piecing together a secure, simple and effective platform that will meet all stakeholders needs at once while being a long-term and stable solution. This is one of the most needed Cryptocurrency startups to date, and we cannot wait to see how this turns out.




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INSCOIN – Insurance Policies on the Blockchain INSCOIN – Insurance Policies on the Blockchain Reviewed by haw on August 01, 2018 Rating: 5

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