coin name is INSURCHAIN is made for Insurance industry
Great potential in insurance market
Insurance premium income reached 4.8 trillion USD globally in 2017. In China, the number is 4 trillion RMB (616.6 billion USD) and grows at over 20% every year. Insurance market in China is expanding rapidly along with the economy.
Problems Insurance is facing
Lack of direct channels, ineffective legacy systems, redundant staff and high management cost within insurance companies. Misleading marketing and fraudulent claims caused by information asymmetry. Complicated and confusing policy terms
The natural conformity between Insurance and Blockchain
Blockchain is featured with transparency, immutability and unforgeability. Smart contract enabled by blockchain is in consistency with insurance policies. So blockchain has a great chance to become the underlying technology for next-generation insurance.
What is InsurChain?
InsurChain is started by XLAB Foundation LTD.，a non-profit foundation organization founded in 2018 in Singapore. InsurChain will become the provider of the global blockchain infrastructure for all insurance markets around the world and a blockchain-based insurance ecosystem. On one hand, we will build an enterprise-level blockchain-based platform, on the other hand, we will also build scalable Dapps to support the system. We will leverage blockchain to address the pain point in insurance and improve operating efficiency of the entire industry. InsurChainCoin (INSUR) is the crypto token used in the InsurChain ecosystem. Users can exchange InsurCoin for various functions of InsurChain. Other that, InsurCoin can also be used as an asset in certain transactions on the platform.