Insurance industry is playing a vital role in modern economies and it is considered as one of the largest industries in global context. However the sector is plaqued with several challenges one of which is fraud. Insurance fraud is a thriving multi-billion dollar industry, costing the American economy over $80 billion in 2006 alone. Insurance fraud ranges from falsely denied payouts and lost paperwork by insurance companies, organized crime rings crashing their vehicles, contractors over-billing, and clients overestimating the value of their insured properties. Insurance fraud increases premiums for consumers and makes the whole system more costly - all thanks to a few dishonest stakeholders. Business leaders are aware of the need to address this risk, but the lack of a comprehensive and integrated approach to fraud risk management in the industry continues to be a concern. The increasing number of frauds and the growing degree of risk necessitates that insurance companies regularly review their policies, build in checks and use new and advanced technology to avoid such issues. To solve these and other bottlenecks experienced by the insurance sectors, a platform named Inscoin for Knox was birthed.
Inscoin for Knox incorporates the use of blockchain technology and smart contracts to decentralize the operations of the insurance sector thus creating an highly organized, efficient and structurally advanced insurance industry with the aim of proffering solutions to issues of certification and forgery of insurance policies.
HOW IT WORKS
The certification of the authenticity of insurance policies will be carried out by the internal platform of Knox Insurance as well as on the Ethereum blockchain. After the certification process, a smart contract that combines the authenticity and coverage of the policy while respecting the privacy rights of the contracting parties will be issued.
BENEFITS OF THE PLATFORM
• The use of a transparent system such as blockchain will help to instill trust and confidence in all involved parties thus improving and strengthening the relationship between insurance companies and clients.
• The client has direct access and full control over insurance polies stated on the blockchain
• Eliminate of fraudulent policies and certifications
• Swift receipt of premiums by insurance companies as transactions will be coordinated on blockchain
• Brokers get an immediate payment of his commission and they get to earn credibility in front of policy holders and beneficiaries.
For more information about INSCOIN, kindly visit:
Website: https://inscoin.co/
Whitepaper: https://inscoin.co/documents/Whitepaper-EN.pdf
Twitter: https://twitter.com/INSCOINforknox
Facebook: https://www.facebook.com/Inscoin-for-Knox-1802470656458272
Telegram: https://t.me/inscoinico
ANN Thread: https://bitcointalk.org/index.php?topic=4422850
Writer: Crypto4ruby
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=1788350