Inmediate wants to explore the insurance industry, which is currently worth 4.5 trillion dollar. They believe that even up to 7 billion clients are underserved and with the development of the technology buying insurance could be as easy as clicking one button on your computer or smartphone. Inmediate wants to create the ecosystem, which will act as the base for insurance distributors to operate on. Making insurance “fast, affordable, transparent, flexible, accessible and responsible.”
The Future Of Insurance
Blockchain technology could easily store information about your car, phone, electronic devices or home appliances and automatically detect damage, which would then trigger the repair process and needed payments. By storing the information in the blockchain, any possibilities of fraud or extortions could be limited, which will benefit both the insurer and the customer, as the operating costs can be significantly lower.
Inmediate set themselves the most important goals that they want to deliver:
“- Lower the costs of insurance significantly
– Connect insurers, re-insurers, brokers, distributors and customers
– Solid, consistent, secure, clear and future proof platform
– Enable new insurance products
– Be available everywhere, anytime to everyone”
The project will operate on the Zilliqa blockchain, which is designed to be able to scale to thousands of transactions per second and has very extensive smart contract capabilities. It’s worth noting that Zilliqa is currently developing a non-Turing-complete front-end language similar to Solidity and Inmediate will be one of the first to be making a smart contract on the this blockchain. Smart contracts permit transactions and agreements to be carried out among disparate, anonymous parties without the need for a central trusted authority or external enforcement mechanism. They also render the transactions traceable, transparent, and irreversible.
In the project’s whitepapers, they show a very interesting example of how smart contract could automatically pay out the insurance:
“For example, if the insured has paid his premium to insure himself against temperatures above 35.0 degrees Celsius and the temperature in a certain location at a certain time is equal or above that number as indicated by a reliable connected source, then the contract executes and the insured gets automatically paid a pre-agreed sum without having to take any further action.”
Insurers on the network
Inmediate network will act as a base for others to provide their insurance services. Therefore, with the help of smart contracts insurers will be able to design and set prices for their insurance products. In order to protect the customers they will still have to meet all of the necessary financial obligations and comply with common standards. When it comes to benefits, the insurance providers will be able to easily generate management information and receive enhanced customer analytics to improve their products and reach to more customers. The platform also enables to create promotions, discounts and loyalty programs to give customers more incentives to buy or return in the future.
However, the most important benefit for the insurers is the reduction in fraud and attempts of extortions, as it would be very hard to cheat the transparent blockchain, which stores and manages all of the data. The whole operational costs will also be limited and this can also benefit the customers as the products can be offered much cheaper and faster.
DIT Tokens will be used as the utility tokens within the ecosystem. In order to ensure financial obligations of professional insurance providers, they will have to hold a minimum balance of these tokens. The minimum DIT Token balance will adjust itself based on the value of the DIT Token and the number of participating insurers, to ensure enough liquidity as well as to facilitate entry for new insurers.
The first Pre-ICO phase is scheduled to run from 6th to 13th of July. The initial exchange rate is set at 1 DIT = $0.04. The main ICO Phase starts on 18th of July and ends on 22nd of July. The soft cap is set at $4,000,000.
The Team behind Inmediate is relatively small, however they have been on the insurance market for some time already and have built a full-service insurance platform that guides customers to help them find and buy insurance that best fits their needs. They run two businesses Insurance Market PTe. Ltd. and Metis Consultancy Pte. Ltd. The members worked with big corporations such as Citibank, ABN AMRO Bank, Standard and Poors or Lenovo Group. At the current, beginning stage they lack any blockchain-focused developers or programmers, however they should be able to easily hire with the funds raised during ICO phase and it’s showed in the budget allocation, as the biggest percentage is devoted to network development.
The insurance market is enormous and won’t be decreasing in any near future. Moreover, the need for insurance may even raise as people want to protect their goods and valuable assets every more than before. Inmediate tries to explore easy ways to provide this insurance to the customers, making the process of buying the insurance as quick as clicking one button. If they deliver what they promise the platform may be successful.
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