InsChain mutual aid program ---- an application trully based on blockchain technology

2018-04-18

insChain Million mutual aid program, a decentralized application which truly based on blockchain technology has been launched on 16th, Apr, 2018. Join now and get 100,000 exemption eligibilities.

In temporary society, bank; insurance and security industry play significant part in finance industry. With years of development, different problems occurred in each industry. Take bank industry for example, we could see that technology such as Alipay or Lujinsuo is a powerful tool to improve the industry.

Insurance industry origin from a few hundred years ago, when people use the pattern of mutual aid to collect fund to make up to damage that force majeure make to individual. This method got popular very soon and become a great risk management tool. However with the increase of people who need insurance, the management need more human and resources. In the recent dozens of years, the problem become much more serious, but there is no solution until the emerge of blockchain, AI and big data. Those technology could be used to research insurance need of people and create a safe blockchain net.

InsChain would use blockchain, AI and big data as main technology to solve problems of traditional insurance industry, and create a caring mutual community based on blockchain technology.

We did deep research on each key problems of traditional insurance industry and gave the solution.

1. Lacking enough understand of risk

According to the statistics of World Health Organization, accident has become third major cause of death. There are more than 3 million people died from unnatural cause every year in China, and on average 8767 people died from accident every day. In other words, at least 3 people died from accident in the last 30 seconds while you were reading this. However, comparing to the developed country, rate of insurance covering is very low. For example, Chinese rate of insurance covering is fifty times lower than American.

InsChain is devoted to building a intellectual mutual service platform based on blockchain technology. We did deep research into the origin of insurance ---- mutual insurance, and demonstrate that mutual method based on blockchain community would benefit the public. With this method, we could not only set concessional membership fee, but also build a safe, reliable and caring mutual community. In our community, everyone could propose product which may meet the demands of mutual members. After group voting, our R&D team would design such product with reasonable demands if most community members agree.

2. Expensive and untransparent

Existing insurance system require lots of resources to maintain, including sales commission, operating fee, reserve funds, corporate cost and so on. Those cost is almost 30% of the premium. In addition, when it comes to storage of user information, insurance cost estimate or compensation, centralized method is unable to be fair and transparent. InsChain believe that blockchain is the ‘machine of trust’. In the application of mutual program, decentralized distributed ledger could record every details in the business permanently. With the combination of smart contract with AI and big data, joining and claiming could be completely automatically. Every incidents and places are on the blockchain for everybody to check up. By using this method, incidence of fraud could be decreased a lot and reduce loss of risk. So the premium would be very low as well. Foe example, insChain Million mutual aid program which based such technology enable people to own a reliable guarantee with very low cost.

3. Fraud happens frequently

Insurance fraud is a difficult problem for centralized insurance organizations. InsChain prevents the occurrence of such incidents through publicity method built on blockchain technology. In the insChain mutual aid model, third-party investigators will conduct an independent investigation into the incident, and it will be publicized in the whole mutual aid community after verification. All the mutual aid members can report dishonest behaviors, thus it is beneficial to the solving of integrity and fraud problems.

4. Privacy protection

You may hear the privacy leak of Facebook recently, such leak could be vital for both company or users. With more sensitive data, privacy protection is the biggest problem for traditional insurance company. InsChain always pay most attention to privacy protection, for that we have developed a safe system. Identity data and verification of applicants would be stored in blockchain which is permanent and untamable. Those information require users’ authorization to access.

InsChain mutual community combine concern and love with mutual assistance perfectly, and build a caring mutual community based on blockchain with the idea ‘one for all, all for one.’ Besides benefit from high quality mutual program, you could experience up to date development of blockchain technology together with insChain. InsChain would keep developing various of mutual products, wish we could build a mutual ecosystem with blockchain technology.

The much-anticipated insChain mutual platform, a decentralized mutual ecosystem based on blockchain technology has already been launched. The first product which use blockchain technology is “insChain Million mutual aid program.” Every qualifying members could join the mutual aid covenant by storing a small amount of GETX, if any unfortunate accidents happened, then this member could get mutual aid GETX via smart contract. Besides enjoying the rights of mutual aid program, Members would provide donation for other members when the accident occurred.

During this campaign, we would give away 100,000 exemption eligibilities. Every members could get 11 free credit points after fill in the identification information completely. And 5 more credit points for each users who register and join in the program via the exclusive invitation code. Credit points can only be used in the insChain mutual platform.

In addition, insChain members could join in the mutual aid program by transferring pre-owning GETX to the smart contract. It is a brand new experience of blockchain mutual community.

The numbers of exemption eligibilities are limited. Campaign would be ended once the numbers are run out.

You could click the “Mutual” button on our official website insChain.io or scan following QR code to join the program.

All rights reserved, insChain mutual platform.

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