Batu Permata: INSCOIN

THE FIRST BLOCKCHAIN BASED INSURANCE COMPANY

WHAT IS INSCOIN FOR KNOX?

The KNOX project will be the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies.

The insurance policies issued by Knox Insurance will be both in traditional paper form and in the form of smart contracts, allowing the customer to monitor their policies in real time, in full transparency and safety. Thanks to the platform developed by knox insurance, the policies will evolve to become fully automated and eliminate any possibility of conflict of interest between the parties involved.

nsurance companies will be established in Lisbon, Dubai and the Bermuda Islands, to allow Knox insurance to operate in different legislations and allow a token economy on a global scale.

WHY CAN THE BLOCKCHAIN CHANGE THE INSURANCE INDUSTRY?

For Customers:

The smart contract prevent the diffusion of fraudulent insurent policies because it is the same system that will issue them after receiving payment
The customers has total control of the insurance policy written on the Blockchain, chekable by anyone at any time
The customers, through the WEB and Mobile platform, can access all the company’s services and verivy his policies

For Insurance Company:

With the smart contract, there will be no delays in collecting premiums, that will significantly improve the company’s cash flow
Thanks to the Blockchain, a fraudulent policy can never be charged to the Company
Blockchain improve operasional processes and insures totally unassailable security system

For Brokers:

Earnings credibillity in front of policy holders and beneficiaries
Instant check of his admin report
Immediate allocation of commisions

HOW IT WORKS ON BLOCKCHAIN?

The certification of the authenticity of the policies will be carried out partly on the internal platform of Knox Insurance and partly on the Blockchain of Ethereum. At the end of the certification process, will be issued a smart contract that combines the authenticity and coverage of the policy while respecting the privacy rights of the contracting parties.

KNOX Insurance issues paper-based policy. Inside the policy the customers will find the serial number of the policy and a unique bar-code.

The benefeciary has to activate the policy on the dedicated section in INSCOIN platform entering the serial number and the code underneath the barcode

Once the required data are provided, the system will release a certified PDF file where the terms of the policy are stated. It will certify the coverage and authenticity TOO

DEFLATION PLAN AND TOKEN ECONOMY

http://telegra.ph/embed/youtube?url=https%3A%2F%2Fyoutu.be%2FhCqPOzBbHCA

15% of the supply (Broker WhoSaler reservers) will, at the end of the ICO, be temporarily blocked by a smart contract for 1 year. Starting from this basis we have foreseen a further controlled reduction of the working capital based on the sale of insurance policies.The collection of premiums in inscoin is articulated like this:

For premiums < $ 1’000’000 1% must be paid in INSC.
For premiums < $ 100’000 3% must be paid in INSC.
For premiums < $ 50’000 5% be paid in INSC.
For premiums < $ 10’000 10% must be paid in INSC.
For premiums < $ 500 20% must be paid in INSC.

The inscoin collected per single policy, as soon as received by the company, will be blocked by a smart contract for a period of one year. After this, they will subsequently be released at a quarterly rate of 25% of the total received and used to support the increase in turnover of the three companies and ensure a healthy token economy.