The insurance industry has always encountered several bottlenecks that have deterred new players from entering the market. The demanding challenges from complexity arising from legal terminologies to lack of transparency. However, Glass Cube Ltd, through their I-CHAIN platform https://i-chain.net aims to revitalise the entire industry.
The platform is based on blockchain technology which offers endless possibilities to small-scale businesses, entrepreneurs, insurance companies and so on. The open source technology allows for a cross-border platform that offers solution to clients globally without restrictions. The I-CHAIN is a fair, affordable, efficient and transparent platform that allows anyone to launch and sell their own insurance products. Being an open source blockchain insurance platform, anyone would be able to partner with them and launch their own insurance products.
The I-CHAIN platform welcomes both Start-ups and established insurance industries. Small-scale businesses can offer services like call centre agents for customers who speak a particular language. The platform equally provides a marketplace where developers can publish and sell their products to insurance companies. This marketplace section offers a healthy competition for users on the part of insurers. The users thereby experience reduction in cost of getting insurance products as well as have the opportunity to transact with any insurance company of their choice.
ICO (Initial Coin Offering)
ICO – initial coin offering is an unregulated means of raising capital for new cryptocurrency venture. It is a type of crowdfunding and can be a source of capital for Start-ups.
Here, investors are offered some units of a certain cryptocurrency or token in exchange for cryptocurrencies like Bitcoin or Ethereum.
Initial Coin Offering offers a means by which new businesses get around stringent regulatory processes and intermediaries like stock exchanges, banks required by venture capitalists while increasing risk for investors.
Purchasing tokens or participating in initial coin offerings always comes with its own risks. Interested individuals are expected to understand these risks as well as have a certain level of knowledge on cryptocurrencies and how blockchain services work.
I-CHAIN Tokens
The I-CHAIN platform offers via ICO (initial coin offering) 2 types of tokens to be used on their platform. The offered token is the only way Stakeholders can make use of the platform. The Utility(ICHN) and Security tokens(ICHNS). The token is a coin that grants user access to the services rendered by the platform. These tokens will be sold to the public in exchange for cryptocurrency (preferably ETH and BTC) so as to fund the development of the I-CHAIN ecosystem.
It is necessary to note that these tokens cannot be classified as Security as it does not give right to interests. Its sale is equally non-refundable.
ICHN Utility Token: This is the first type and has been on sale since the 17th of May, 2018 at a rate of 0.1 ETH per Token. This is the only source for individuals and insurance companies to transact on the platform. This means that to sell your insurance products and services to customers on the platform, you will need Utility token.
Due to this, the demand for Utility token is expected to increase quickly during its ICO Sale. The ICHN Utility token is expected to rise in value by about 10% of the regular price of setting up a start-up insurance company, since it is a prerequisite to set up your insurance company on the platform.
The supply of the Utility token is limited and is pegged at a total volume of 5,000,000 for public purchase during the ICO. New tokens will not be issued. The Utility token can only be used on the platform and therefore does not have any value outside the platform.
ICHNS Security token: These Security tokens provide an opportunity to share in the platform profits as Security token owners will be able to receive dividends. A total volume of 5,000,000 ICHNS Security tokens will be sold to the public via ICO at a rate of 0.2 ETH (twice the rate of the Utility tokens). The number of Security token is limited and new tokens will not be issued after public sale.
Nevertheless, anyone who bought Utility tokens before 31st of October, 2018 will receive an equal number of Security tokens from Glass Cube Ltd on 2nd of March, 2019 after the end of ICHNS the token sale. This is a way of appreciating and encouraging users for their cooperation in the platform development.
The ICO of the Security token is expected to commence of the 17th of November, 2018 and close on the 1st of March, 2019. The Utility tokens ICO will however run down to the 16th of May, 2019.
The platform is built on the Ethereum blockchain. This implies that both the Utility token and Security token conform to the ERC20 standard.
To invest in I-CHAIN ICO, see the ICO section on https://i-chain.net/. The prototype of the platform is ready at https://demo.i-chain.net and will be developed in accordance with crowdfunding.
Security and Data Protection
There are risks involved when it comes to new technology. However, I-CHAIN uses the best technology to limit these risks. Information about customers, transactions and insurance contracts will be stored on the blockchain. According to Sergey Chekriy (CTO), when data is shared by multiple parties (placement and claims), the ability to access a single and real-time resource of data will change the way insurers manage and finance risk.
Customer Support on I-CHAIN platform
Any platform without a proper customer support will hamper user experience. For this reason, the I-CHAIN platform has created a special Telegram group to facilitate customer interaction. Here, customers can directly ask questions to the team and receive quick responses. To join the group, click the link: https://t.me/joinchat/F462i0nPobK18q8qvJdubA
Also, after products’ launch in Q4 2018, dedicated support teams will be created by the platform for the products. I-CHAIN plans to introduce all channels – email, telegram, web – to provide technical support when the first products will be launched on the platform in Quarter 4.
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