Do you own a car or house? Then, you must be paying a monthly or annual premium for those policies. Let us assume that you don’t get a problem in your car or house for a period of 5 years after you took your insurance policy. Obviously, you won’t file a claim during this period. What will happen to the money you spent for paying the premium? Nothing. You won’t get a single penny back from the insurance company as there is no claim.
With the advent of internet and technology, we are getting rewards for many things we do. For example, companies like Ebates offer up to 10% cashback for online shopping with more than 100 retailers. Mobile carriers and Internet Service Providers (ISO) are always offering discounts and low-cost plans to provide benefit the customers. Popular retailers like Amazon, Walmart etc provide holiday deals, membership bonus and clearance sales which will help the customers to save some money. The only place where we don’t get any rewards but only debt is the insurance sector.
Now, the problem statement is: How the insurance companies can become smarter and give some kind of reward to the customers?
Aigang Network, a Singapore based company is planning to provide an innovative solution to the above problem by introducing the concept of DAO (Decentralised Autonomous Organization) insurance protocol
What is DAO insurance protocol?
It is nothing but a digital insurance protocol based on the blockchain network that plans to provide insurance for the Internet of Things (IoT).
IoT is nothing but a simple network of several physical devices embedded with needed electronics and sensors that makes them remotely accessible. The best example of IoT is smart home where the appliances in the house like a fan or light can be controlled by using our mobile phone remotely.
Aigang network is developing a mobile-based digital insurance app for implementing this protocol. The significant feature of this protocol is “Auto claim”. The devices can file a claim for themselves once it reaches a predefined set of criteria. This concept is achieved by the use of smart contracts in the Ethereum blockchain. To learn more about the technology behind the app, please visit the whitepaper http://bit.ly/AigangWP
Aigang Network has chosen the mobile phone battery as its first product. Most of us will face several issues with our phone battery and spend more money to get it repaired or replace it.
Let us say, you take insurance for your battery using this digital insurance app. You will get an instant payout if your battery during the term of your policy or contract. The claim will be automatically filed without your intervention as the performance of your battery is monitored remotely. Aigang network is planning to extend this concept to many devices like drones, automatic cars etc in future.
Sounds interesting, Right? The company currently offers a chance for the investors to invest their money in different products by participating in their token sale in November. To read more about the token schedule and road map of the company, please visit https://aigang.network