Starting an insurance company or incorporate insurance in your service in smooth and transparent way can be pretty challenging, they never tell it all. There is always a tad bit of secret left underneath their tongue which you might find out only if you get lucky. But there is a breath of change, hope and relief from I-Chain.net by way of revamping the insurance industry. The platform primarily allows you to get a reliable, efficient and transparent insurance platform. You can sleep with your two eyes closed knowing every operation carried out by your insurance company is for your benefit. With the aid of the open source blockchain technology, insurance companies get to pitch their tent, sell insurance product on a grander scale to users of I-Chain.net in different parts of the world. This implies the industry will get a monopolized free system of trade, offering an opportunity to startups insurance firm to thrive in the industry.
How does I-Chain.net operate?
Insurance companies get to enjoy a more extensive outreach and more significant customer base using the I-Chain platform. The open blockchain allows for cross-border platform and offering a solution to clients from different parts of the world. There will be no risk attuned to insurance since the platform uses a known technology that is popular for its high degree of transparency. It handles significant insurance activity from the sales process, claims and it uses the mobile application, and its website for the primary channel of operation. Insurers can post their product on the platform and get patronized by customers. They will also get access to an additional product made by I-Chain which will be efficient in the development of their company. It is apparent that this platform will have much impact on the way insurance trade is performed in different parts of the world.
Benefits Of Open Blockchain System On I-Chain Platform
The endless possibility that this platform has to offer covers varieties of spectrum in the business industry from small-scale businesses, entrepreneurs, insurance companies and so on.
The most terrific aspect of I-Chain system of operation is the golden opportunity it offers every level of business whether established or startups. Small-scale business can utilize this platform to provide service such as a call center agent for customers who speak a particular type of language. Other types of services needed by the users of I-Chain can be catered for by them. Users on the platform can assist users from other platforms with insurance brokerage and urgent commissioning of their policies. There is a marketplace section on the platform where software developers can publish their product, and the insurance company could purchase them for use. This section of the platform made getting an insurance less-expensive and more competitive offering users the opportunity to pitch their tent with any insurance company on their platform.
I-Chain Tokens
The I-Chain token is the only chance users have to utilize their platform. They started off with utility token which came into play on 17th May 2018. We will have an extended discussion on the utility token and the yet to be launched security token.
- ICHN Utility Token
I-chain’s utility token is expected to attain a quick climb in its ICO sale. Considering, it is the only source for insurance companies and other individuals working who chooses to work on the platform can use trade. This implies that for your insurance product and services to get customers on the I-Chain platform, you need utility token for that to happen. Since the one option to get your insurance company up and running, it is expected that utility token will grow up to 10% value of the regular price of setting up a startup insurance company.
- ICHNS Security Token
The ICHNS security token offers the opportunity for customers to share in the platform’s profit. It was envisaged that the security token would get a significant spike in its value once it launches. A holder of the security token is entitled to earn a dividend from the company.
Security tokens’ planned cost after registration of their release will be 0.2 ETH, twice as much as the utility rate of ICO token – 0.1 ETH. Everyone who bought utility tokens before October 31, 2018 will be provided by Glass Cube Ltd. an equal quantity of security tokens as an encouragement for cooperation in the platform development. In other words, if you are the owner of 10 utility tokens before the above date, you will be given 10 security tokens immediately after their release registration. Kindly note that there are limited numbers for either of the tokens.
Function Of I-Chain Platform To The Insurance Industry
I-chain core attributes are instrumental in their service delivery system which has helped them to become a force to be reckoned with in the insurance industry. It’s not surprising that we have both established and starts insurers nesting underneath their financial guide.
There is enough space to manage both their platform and the blockchain technology. It can accommodate enough clients and bring different sectors into the mix because getting insured is everybody business never a one-sided effect. Data will also be properly managed since it’s an infusion of their platform and the blockchain technology.
I-chain shoulders the responsibility of amplifying the product of insurers on their platform. This offers insurers the opportunity to focus on other vital logistics. Insurers are not required to build from scratch when solving problems, and they can solely rely on the platform in this regard. The platform has been simplified for easy usage, and the blockchain technology is less-technical exempting the need for technical personnel in operation.
- Allows Healthy Competition
The platform provides healthy competition for customers among insurance companies which will help them do better in the area of service delivery and products type. This also offers clients the liberty to choose the best insurance products that fit their need.
Admittedly the centralized system is a disastrous mode of operating which holds a lot of risks and fraudulent activity in the insurance industry. It will be easy for insurers and their customers to know when a customer has got their claim or not. This will bring a recede to cases of lawsuits between the parties involved.
Conclusion
Undoubtedly, I-Chain looks promising and owns the resource to overhaul the insurance industry with the aid of the blockchain technology. The possibility of not just buying insurance products but also carry out services on the platform is astonishing.
Find our more on the I-Chain website: https://i-chain.net/
