Insurance Sector
- The Insurance sector is one of the booming sectors and it is growing at a healthy pace. Health and life are the prime sectors in the insurance industry.
- It is a most important sector and boon for insurers, provides financial assistance in case of unexpected life events
- Umbrella coin is trying to simplify the process in insurance sector which is tedious for the policy holders
Problems faced by the policy holders
- Insurance companies have brokers/agents and the cost bear on them is passed to the policy holders
- There are many different insurances tracing each and every policy is cumbersome for the policy holder
- Also, the money put in insurance policyholders doesn't earn any interest
UMC and what it tries to achieve
- UMC is the next generation insurance platform built on ethereum block chain.
- Its goal is the provide benefits to the policy holders and reduce the complexity and cost involved in the current process
- UMC objective is to Reduce complexity and increase Wealth and value creation for the policy holders
- During emergency life events UMC will reduce the burden of its policyholders by providing claims and benefits to them
- It will ensure the peace of mind to the policy holders as all other complex aspects will be eased out by the UMC
Solutions Provided By Umbrella Coin
- UMC is trying to eliminate the middle man (i.e. brokers/agents) as it is increasing the burden on the policyholders
- UMC to reduce high premiums paid by the policy holders
- UMC want to become one stop solution for insurance
- UMC wants to eliminate the hidden cost associated with the insurance policies so that the policy holders can enjoy the benefits during the emergency times and can also enjoy peace of mind. Thereby minimizing the risk and cost factors associated with the insurance sector as a whole.
Insurance is sometimes very ambiguous and umbrella coin will make this process Unambiguous and the policy holders can reap the benefits without facing any hard time.
The UMC approach
- Benefit Packages are created on the UMC network
- The value is added to the float and immediately invested
- Registering to the package allows policyholders to make claims
- Claims are paid from the float pool in the form of UMC
- To bring more transparency to the system
- Community voters will have the right to approve claims and for fair voting rewards
- A policy can be created by the holder of the policy. Policy will be tied to a wallet address and claim should be made against that policy
- Each policy has a waiting period of 90 days
- A maximum and a minimum payout
Umbrella Coin is trying to provide more power to the policy holders and this will lead to a new revolution in the insurance sector. As insurance is a booming sector and decentralized block chain based networks are the future. Both the points makes Umbrella coin an ICO to look forward too.
For more information:-
- Official website: https://www.umbrellacoin.org/
- Bitcoin Talk Thread: https://bitcointalk.org/index.php?topic=2025943.0
- Twitter: https://twitter.com/umbrellacoin
- Facebook: https://www.facebook.com/umbrellacoin
- Reddit: https://reddit.com/r/Umbrellacoin
- Written by Karan Juriani
- B Talk name: - karanj