Insurance is an essential part of the finance system and a huge market in every economy. However, issues like stereotype policies, lack of efficiency and lack of transparency are still seriously impeding the development of insurance. All these issues are in dire need to be addressed.
Insurance and blockchain have natural consistency in essence. The fundamental purpose of insurance is to transfer risks and it is featured with sociality, uniqueness, security and long-time existence. Blockchain, on the other hand, is based on consensus of P2P networks with features like traceable, immutable, unforgeable and timestamps. So insurance and blockchain are highly compatible with each other. We believe blockchain will become an essential part of insurance and disrupt the industry completely in the future.
On basis of this belief, we are going to build a blockchain ecosystem for insurance and it is going to be named – InsurChain. InsurChain includes InsurChain Blockchain, InsurChain applications (SelfGuard, BizGuard and PalsGuard) and open interface to allow every use to design, purchase, invest insurance and file claims which can be automatically processed. In InsurChain, no intermediaries are needed, every step is pre-programed based on certain rules and the ecosystem can be fully operating on its own. This will be a brand new insurance blockchain ecosystem.
Founding members of InsurChain have ample experience in insurance operating and investing with deep understanding of the industry. We are also enthusiasts of blockchain who believe blockchain will re-shape the old industry in the near future and we will be in the front seat to see it coming.
InsurChain
