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. With the smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment. With the smart contract the company won't have delay in collecting credits, as the policy is issued only after receiving the payment. This factor aims to significantly improve the management of the company itself. With the smart contract in the event of accidents the real judge who will decide whether or not to pay them is no longer the company, which could have an opportunistic behavior, but the blockchain system that, in a totally disinterested by the human opinion, will decide if this accident is compliant with the provisions in the policy. This benefit will be the most important as it will increase the transparency of the company towards customers.
According to an FBI study the annual cost of insurance fraud is approximately $40 billion. These insurance fraud cost the average increase to an American family approximately $500 in insurance
premiums.
However, the biggest losses are borne by the companies, the management of IT security and operational losses resulting from attacks involve huge investment costs. For these reason insurance companies are starting to manage cyber risk with a Three Lines of Defense model. Generally, IT and the CISO, make up the first line of defence, implementing and executing the information security strategy.
The KNOX project provides for the establishment of the first insurance company that will merge 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.
At the same time as the start of the three insurance companies, once the legal licenses have been obtained, with the help of the funds raised, an internal exchange platform will be created. This platform will have a fundamental role, through it the customer can access the purchase of insurance products offered by our structure.
The main functions of this platform will be: Creation of customized profiles for Brokers, with their personal inscoin wallet.
- Possibility for the Broker to create for all his clients their underlying profiles, combined with his identification code and related wallet inscoin.
- Possibility for each private customer to create their own profile, with relative inscoin wallet. Direct loading of all the policy features for an evaluation and a quote.
- Possibility of paying the policy as described in the previous paragraph. Reception, in case of purchase of the policy, of the address of the smart-contract with which you can verify the authenticity
The INSCOIN project intends to use, among the many available, the Ethereum blockchain, which currently presents the largest number of real used cases and economy of services and transactions currently in operation. Ethereum makes available, using its infrastructure and ERC20 technology, the creation of digital private coins of controlled issuance (token) with which it is possible to support an entrepreneurial project. The sale of tokens allows companies to gather economic resources necessary for the development of a project in which the token itself will play a key role. The token in this sense enables new technological possibilities that o er innovative services.
The goal of KNOX is to reach, by exploiting the blockchain, a decentralization of the whole insurance system. Decentralization means the transformation of traditional insurance policies from paper into smart contracts.
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.
The other blocked reserves do not fall within the "Deflation plan". To favor the investor, 10% (Team and Advisors) will be blocked for 1 year, 9% (guarantee fund of the 3 companies) will be blocked for 3 months, after which 10% of the fund will be released each month, 10% (Broker Network partnership, Insurance advisor and legal) will be placed on the market in installments of 8% each month.
For Information
Whitepaper: https://inscoin.co/documents/Whitepaper-EN.pdf
Twitter: https://twitter.com/INSCOINforknox
Telegram: https://t.me/inscoinico
Facebook: https://www.facebook.com/Inscoin-for-Knox-1802470656458272
ANN: https://bitcointalk.org/index.php?topic=4422850
Linkedin: https://www.linkedin.com/company/inscoin-holding-ou/
Reddit: https://www.reddit.com/r/InsCoin/
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