Hello Everyone,
This is Satish from India
Today I would like to make review on Umbrella Coin ICO
In today's world the insurence industry is very larger than other industries. At present it is common everone to have insurance on either health, life, or car, etc., Insurance enables everyone to save from future uncertainty. On an average in every country most of the families spending 10% of their savings on insurence itself, and in some countries the insurance premium growth rate is higher than country GDP growth rate.
Total premiums collected for Life/Health and Personal/casual insurers was approximately 1.2 trillion dollars in U.S in 2015 itself. With this size the insurance industry is occupied with few high profile companies and making huge money by charging large premiums, and finally left with not paying claims made by the policy holders by placing full of terms and conditions.
Other than this the traditional insurance industry is filled with lot of Middleman who are making large commissions by making deal between insurers and policy holders and ultimately the commission is paying out from the policy holders pocket. Even though after meeting all huge premiums by policy holders still they are not able to claim insurance amount for the uncertain event happened, due to requirement to pay higher deductibles like administration cost for assessment of damages and other overheads before making claims. In 2014, 28% of insured Americans avoided some aspect of medicle care due to cost. Finally it results not benefiting the policy holders for the uncertain events.
The hefty premiums paid by the policy holders to insurence companies invested in growth oriented bonds, stocks and even in Cryptocurrencies but the resulting profits from the fund are enjoying by the insurance companies. This makes very difficult for the people to enter into insurance for any event.
Apart from this, Due to govt rules and regulations in some areas like car insurence, unemployment insurance by employers, renter's insurance for lease agreements insurance required to be taken mandatorily and this gives freedom for the insurance companies to charge large premiums.
To solve all these problems Umbrella coin want to create a platform for coin holders to insure themselves with the help of emerging technology of Blockchain and self executing Smart contracts. In this platform coin holders themselves act as insurers and policy holders. It completely eliminates needless middleman. With this platform policy holder can be paid for his claims wherever and whenever they wants. This enables full transparancy in insurance industry and provide full convenience to policy holders. Umbrella coin want to ensure that policy holder is not left with high out of pocket cost for thier insurance. Umbrella coin want to introduce it's native ERC-20 token called UMC as platform currency.
Once user start a new policy in the platform then his policy will be tied directly with his UMC wallet. If the event in policy occurs then the user makes an application for claim with evidence, after that the community will determine the payout based on voting and These claims will be directly paid to the user wallets.
Process of insurance in Umbrella coin platform
Key features of Insurance in Umbrella coin platform
A benefit package can be created by user by spending UMC on its network. This value is added to their float and immediately invested.
The maximum benefit can be entitled by any policy holder is 5x of UMC spent in platform within policy period.
If the initial amount is not used or no claimes made then the user gets their unused UMC back.
A user can terminate policy at any time before the maturity period with 70% penalty to avoid fund depletion.
One user can spent maximum 1% of net flow at any times, because this enables entitlement of 5% of flow funds.
Policy holders can't claim any insured amount within 90 days of start of policy. This feature avoid fradulant claims like for claiming insurance for already happened event.
If the community member found that he made fradulant claim, then UMC platform will forfeit the policy of that holder and retains his amount in float.
Umbrella coin platform decides the claims based on anonymous voting from the community on a random selection. Insured people will decide the policy holder claims if they want their potential claim and if any insured person votes against legitimate claim then that leads to forfiet his potential payout. Entire voting history of every insured person would be saved in UMC network securely and compares it with the outcome of votings, if any large descriptive arises then his insurance will be eliminated from float.
The Crowdsale details
The Crowdsale will begin on 20th August 2017, 12 : 00 UTC and end on 20th October 2017, 12 : 00 UTC
Total issuance of tokens : 100,000,000 UMC
Rate 1 Ether = 600 UMC
Bonus is 100% until reaches minimum goal of 5000 ETH
Max goal 100000 ETH
To contribute in Crowdsale visit https://www.umbrellacoin.org
To know more about project download whitepaper from https://github.com/umbrellacoin/umc/blob/master/documents/UMC.pdf
Bitcointalk Profile link : https://bitcointalk.org/index.php?action=profile;u=978916
Bitcointalk Profile name : Satish147