How often will you contact the representatives of your insurance company? 3 to 4 times a year? Most of us will contact the insurance company only if there is a claim as the premiums can be paid online easily. So, the Insurance sector needs improvisation and innovation in mainly two areas which are given below:
- Transparency - The insurance sector is like a black box for almost 90% of the people who are keeping insurance policies as they don’t have any idea about the premium calculation or the claim processing.
- Benefits/Rewards - Are we getting some kind of loyalty bonus or rewards for taking policies?
Is it possible to find a solution for the above two points? Yes. It will be achieved in the near future by Aigang network using their DAO insurance protocol. Let us have a look at some of the key benefits of the protocol.
Rewards for predictions – Aigang Network will be building the insurance protocol on the blockchain so that the developers, investors, and companies can share their predictions regarding the insurance market. They will be rewarded for their useful contribution to the community. The platform used for sharing the predictions will be integrated with the already existing Ethereum wallet.
Short term contracts – At present, It is not possible to buy a short-term insurance policy for a car, property or any device that needs to be insured. You can cancel your insurance policy at any moment or take the policy only for a short term using the DAO insurance protocol.
Smart policies – Have you ever read and understood your insurance policy fully? Probably Not. Because the conventional insurance policy available today is more user-friendly to the company than the customer. This limitation is overcome by the “Smart Policies” of the DAO insurance protocol. It will have a clear information about the following things:
- Rules on how to calculate the Premium of the insured device.
- Rules on how to evaluate the damage and apply for claim
- How claims or payouts are calculated?
For better payouts, the protocol will use the data of already processed claims for comparison before calculating the final figure. To learn more about the concept of Smart Policies, please visit the whitepaper https://aigang.network/whitepaper
Auto claim – Do you think a car will call the insurance company automatically when something fails? Yes. It is possible. The first phase of the protocol is mainly targeting the IoT devices. A built-in sensor will be placed in the IoT device that needs to be insured. If something fails on the device, the Aigang insurance app will automatically file a claim to get an instant payout from the company. Aigang network has already developed and tested a demo app for the mobile battery. The Aigang Insurance demo app is already available on the Google Play Store and can be used to test this concept of auto claim. Of course, it does not have the real payout option.
Find out more about Aigang here: https://aigang.network/
