The world’s insurance industry is huge. Because, invariably, we all need insurance at some point. It is a multi-trillion dollar industry, mainly dominated by big corporates. In spite being such a large and influential industry, the processes and methods used are quite a pain.
Most insurance companies’ revenues depend on not issuing a payout to their customers, which basically means that in a user’s time of need, instead of getting the reimbursements that they need, they are often stuck fighting with their insurance company.
What is Etherisc?
Etherisc is a decentralised platform for insurance applications, that is currently being built. The platform is being built with the vision that companies, irrespective of sizes and wealth, can build applications and host them on their platform to be able to provide better insurance options and services.
How Does it Work?
The two cogs in Etherisc’s wheel are; the platform and the token. Let’s take a closer look at both.
- The Platform
The Etherisc platform is an open source platform that comes with its own technical protocol, for companies to use to create and build decentralised insurance applications.
Using multiple application layers, the platform is designed to accommodate the varying needs of all the players in the insurance industry. And it can be used for both commercial and non-profit insurance solutions like mutual funds and peer-to-peer insurance.
- The Token
Etherisc’s token is called Decentralised Insurance Platform (DIP). And all transactions on the platform, between the individual user and company, will take place using the same.
In order to make sure that all the companies that are providing services on their platform are actually delivering to their customers, companies will have to stake their coins as an assurance of sorts. In the event of a denial of service on the part of a company, they lose their tokens.
The Blockchain Aspect
The insurance industry is a rather opaque and tiresome industry. Many insurance company’s revenue depend on not paying their customer or not reimbursing their claims. So with the use of the blockchain, Etherisc is making insurance and reimbursement transparent.
Using the staked tokens on the platform, Etherisc proposes to make sure that insurance companies deliver and by moving all transactions and dealings onto the blockchain, Etherisc is also making running of an insurance company more cost effective.
Etherisc is also trying to make the act of buying and renewing insurance schemes and policies easier with the help of the blockchain.
The token sale or the token generation sale, as Etherisc is calling it, will happen in two phases, both lasting five days each with a hard cap of $30 million USD.
The first phase begins on the 25th of June, at 15:00 UTC and will go on till the 30th of June 15:00 UTC. The second phase will begin on the 23rd of July, at 15:00 UTC and will also go on for five days or as long as hard cap is achieved.
The insurance industry is one of the oldest industries in the world. It contributes close to 6% to the global economy, year after year. But the way they work and function are becoming old and outdated. And irrespective of the amount of premium a customer pays for their insurance there is always a hustle before a reimbursement is issued.
These are the main problem statement that Etherisc is taking head on. By providing a platform for companies to build decentralised applications, they are making the service more transparent, thereby reducing the chances of avoiding payouts. But at the same time reducing operational costs for the companies by using the blockchain.
Etherisc is set to change the way the industry operated and may just be the modernisation that the insurance industry has been waiting for.
Know more- https://etherisc.com/
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