Thanks to Blockchain technology, the insurance industry is being dragged into the 21st century as more companies attempting to use blockchain to introduce transformative force to the antiquated industry.
As one of the oldest industries in the world, it goes without doubt, that there will be lots of challenges in the transformation especially the legal and regulatory hurdles, but there are ample benefits in the marriage of blockchain technology and insurance to make it an inevitable trend such as the use of smart contracts, minimal fraudulent practices, faster way of handling and verifying claims, and a new ledger distribution system that will influence the way they operate among many other positives. Some promising insurance companies making waves with blockchain technology are:
Disclaimer: The purpose of this list is not to pick the ” best ” cryptocurrency. The fundamental purpose of this list is to encourage community engagement and intellectual debate among the supporters of different cryptocurrency projects. We provide a third-party platform that hopefully makes people think. Too many times people are blinded by the community enthusiasm in official social media channels of individual projects and fail to see through the veil. By bringing supporters of different projects together, we hope to unravel the actual value and sentiment of each project via civilized debates. p.s. Nothing in this article should be treated as financial advice.
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FidentiaX is a Singapore-based project which is committed to disrupting the insurance industry by leveraging on the blockchain technology. The vision of the project is to provide a repository as well as a trading marketplace of insurance policies for the public.
InsChain aims to become the first customizable insurance platform in the world which leverages on the artificial intelligence, internet of things as well as blockchain technology. Inschain is committed to usher the future of insurance by offering support to innovative insurance model like P2P insurance on top of the traditional insurance workflow processes.
The Singapore based company is built to address two main issues that affect insurance and cryptocurrency. PolicyPal is a non-regulated decentralized platform using blockchain technology to provide insurance protection for the unbanked by lowering the limitations of conventional insurance coverage.
Etherisc is leveraging heavily on blockchain technology to build a decentralized insurance platform that will provide better insurance coverage and services such as an easy and efficient scheme for the purchase and sale of insurance policy, a transparent and fair insurance cover for all at a lower operational cost. They cover insurance issues like flight delay, hurricane, crop/agricultural and crypto wallet insurance among others. The ICO starts on 25th of June 2018.
Asure is an open decentralized autonomous insurance platform built around openness, privacy and fairness, powered by blockchain innovation that brings together individuals, companies and governments in a digital world.
First solution: Asure.io will enable governments around the world to establish pay-as-you-go social security systems and assist in migrating existing ones to the Asure platform so they take advantage of the blockchain technology. The ICO starts in Fall 2018.
Insurepal is a unique insurance platform that is leaning toward the use of words of mouth and the power of blockchain innovative technology to build a decentralized peer-to-peer insurance scheme. The platform will replace the usual insurance to provide more coverage for different areas of life and business. The approach is already patent protected in the US and worldwide. It intends to be the first insurance company offering trust to members of the crypto community when a transaction occurs.
With the era of the internet of things upon us, Aigang is using blockchain technology to create an autonomous digital insurance scheme. It aims to build a fully automated insurance for the internet of things which will enable companies, community, and developers to make market predictions and build insurance products on their own using their infrastructure. Basically, it is an insurance platform built around data.
The Vernam ICO is currently ongoing and ends on the 15th July 2018. The company prides itself as one of the most affordable insurance policies with 0% commission. Their mission is to establish and transform the insurance sector with the help of Blockchain technology by creating a decentralized system that eliminates the issues of sluggish, cumbersome, and lingering insurance policies at no commission at all.
This is the world’s first crowdsurance platform based on blockchain technology. Crowdsurance is a method of reducing incurred risk by sharing it with a large community of people. Rega is a decentralized risk-sharing insurance company based on the blockchain and Ethereum platform that specializes in developing blockchain Fintech products.
SurruS is a blockchain technology car theft insurance company, after 11 years of research and test, Surrus developed an innovative project that aims to tackle the problem of car theft. The system in place is able to search and return the stolen or missing car to the owner or pay 100% compensation to the car owner equivalent to the market value of the car if it’s not found. The search and return system works using a search algorithm that calculates the likely location of the car. The company also has a reward system in place for the first person to detect and return the stolen car.
The Pre-ICO and ICO take place from July to August and August to September respectively. This is a digital insurance provider leveraging on the blockchain Ethereum platform that is building a marketplace for insurance brokers and investors. Basically, the platform aims to link brokers directly to investors by enabling them to create their own virtual insurance platform, assets and product.
iXledger is an innovation platform for insurance which leverages on blockchain technology. The platform provides a peer-to-peer ecosystem that enables improved customer service, fuels faster transactions, facilitates implementation of new efficient business model , and alleviate risk via access of data and collaboration.
- Ticker Symbol: IXT
- Token type : ERC20
- Website : https://www.ixledger.com
- Whitepaper : iXledger Whitepaper