[ICO] InsCoin (INSC) First Blockchain based insurance company
The insurance sector was born in Italy in the fourteenth century, merchants, in fact, began to ensure the goods transported due to the excessive presence of pirates. At the beginning, these assurances were of a verbal nature, but in the fifteenth century the first insurance was issued in the form of a written policy: a contract between the company and the insured, in which all the clauses of the insured circumstance appear. To date, in 2018, we are facing a mature sector because almost all the present circumstances in reality can be subject to insurance. The same sector enjoys a very high productivity, based on the fact that, together with the banking sector, it is a sector that will never end. However, this should not be considered a simple sector in which to work, in fact times change and even if the object of the insurance does not change, the relationship method between the company and the insured person changes. It is from this need for relational renewal that the project "InsCoin for Knox Project" is born. The established "Knox Insurance" companies, once authorized, will operate initially in the American continent, Africa and Europe and then will slowly open up to an ever larger market.
According to an FBI study the annual cost of insurance fraud is approximately $40 billion. These insurance fraud cost the average increase to an American family approximately $500 in insurance premiums. However, the biggest losses are borne by the companies, the management of IT security and operational losses resulting from attacks involve huge investment costs. For these reason insurance companies are starting to manage cyber risk with a Three Lines of Defense model. Generally, IT and the CISO, make up the first line of defence, implementing and executing the information security strategy. Tasked with maintaining an overall view of all risks, the CRO makes up the second line of defense, along with compliance, which assesses the adequacy of internal solutions and their alignment with regulatory requirements. The third is internal audit, providing an independent assessment of the adequacy of the cyber risk management framework and whether the processes and controls are being applied eectively. Regardless of the exact setup of the Three Lines of Defense model, it is imperative that that the top level of management has oversight of cyber risk management. A further problem is the slowness of international banking transactions.
The KNOX project provides for the establishment of the first insurance company that will merge the real world with the digital one using Blockchain technology, creating the most ecient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies. The Blockchain technology, born starting from the Bitcoin in 2008, is now used more and more widely in an increasing number of cryptocurrencies, to allow the creation of decentralized and disintermediate new generation services. Blockchain in its public implementations solves the fundamental problem of creating a trustless and permissionless network, where the participants can consider valid a transaction, and therefore also a possible related certification, thanks to the consent mechanism generated by the system of incentives and disincentives among the parties involved. The non-falsifiable certification of documents is one of the most important applications of Blockchain technology, as a certified document in the Blockchain can NEVER be falsified. The INSCOIN project intends to use, among the many available, the Ethereum blockchain, which currently presents the largest number of real used cases and economy of services and transactions currently in operation. Ethereum makes available, using its infrastructure and ERC20 technology, the creation of digital private coins of controlled issuance (token) with which it is possible to support an entrepreneurial project. The sale of tokens allows companies to gather economic resources necessary for the development of a project in which the token itself will play a key role. The token in this sense enables new technological possibilities that oer innovative services. The goal of KNOX is to reach, by exploiting the blockchain, a decentralization of the whole insurance system. Decentralization means the transformation of traditional insurance policies from paper into smart contracts.
- With the smart contract the spread of false insurance policies is avoided
because it is the same system that issues them after receiving the payment.
- With the smart contract the company won't have delay in collecting credits,
as the policy is issued only after receiving the payment. This factor aims to
significantly improve the management of the company itself.
- With the smart contract in the event of accidents the real judge who will
decide whether or not to pay them is no longer the company, which could
have an opportunistic behavior, but the block-chain system will decide if
this accident is compliant with the provisions in the policy. This benefit will
be the most important as it will increase the transparency of the company
As you can understand the introduction of the smart contract is an important
step towards a fair relationship between the company and the customer. A
relationship that favors the maximum transparency and that will allow the same
company to have a reputation of behavioral seriousness never seen before, which
is very important since in the insurance sector the NAME and the REPUTATION
are the main factors.
USE OF THE TOKEN AND THE DEFLATION PLAN
The INSCOIN token is a fundamental part of our project. Through it
the customer can pay insurance premiums and can access the
maximum degree of authenticity of the policy, receiving it in the form
of smart contract.
54% Token Sale *
15% Blocked reserve (Broker WholeSaler)
10% Team and Advisors
9% Reserves distributed to the 3 insurance Companies (blocked for 3 months
and 10% monthly release)
10% Broker Network partnership, Legal and Insurance advisor
2% Airdrop and Bounty program
All unsold tokens will be burned
Once the ICO is finished, the reserve of 15% of
the WholeSaler Broker will form the basis of
the “Deflation plan”. We have decided to give
a deflationary role to the inscoin in order to
allow a constant growth of the value based on
the progressive increase in turnover which will
result in a proportional increase in demand.
The “Deflation plan” will be structured like
15% of the supply (Broker WholeSaler reserves) will, at the end of the ICO, be
temporarily blocked by a smart contract for 1 year.
Starting from this basis we have foreseen a further controlled reduction of the
working capital based on the sale of insurance policies.
The collection of premiums in inscoin is articulated like this:
For premiums < $1’000’000 1% must be paid in INSC
For premiums < $100’000 3% must be paid in INSC
For premiums < $50’000 5% must be paid in INSC
For premiums < $10’000 10% must be paid in INSC
For premiums < $ 500 20% must be paid in INSC
The inscoin collected per single policy, as soon as received by the company, will
be blocked by a smart contract for a period of one year. After this, they will
subsequently be released at a quarterly rate of 25% of the total received and
used to support the increase in turnover of the three companies and ensure a
healthy token economy.
The other blocked reserves do not fall within the "Deflation plan". To favor the
investor, 10% (Team and Advisors) will be blocked for 1 year, 9% (guarantee fund
of the 3 companies) will be blocked for 3 months, after which 10% of the fund will
be released each month, 10% (Broker Network partnership, Insurance advisor and
legal) will be placed on the market in installments of 8% each month.
All the funds mentioned above will be blocked by smart contract.
At the same time as the start of the three
insurance companies, once the legal licenses have
been obtained, with the help of the funds raised,
an internal exchange platform will be created. This
platform will have a fundamental role, through it
the customer can access the purchase of
insurance products oered by our structure.
The main functions of this platform will be:
Creation of customized profiles for Brokers, with their personal inscoin wallet.
- Possibility for the Broker to create for all his clients their underlying profiles,
combined with his identification code and related wallet inscoin.
- Possibility for each private customer to create their own profile, with relative
inscoin wallet. Direct loading of all the policy features for an evaluation and a
- Possibility of paying the policy as described in the previous paragraph.
Reception, in case of purchase of the policy, of the address of the
smart-contract with which you can verify the authenticity.
The internal platform is fundamental to the project because through it we can
manage all the innovations of our project eciently.
POLICY AS A SMART CONTRACT
Through the payment of the inscoin policy, as
shown above, the customer will receive not
only the authenticated and standardized
policy, but will also receive the code of the
policy that will coincide with the address of
the smart contract related to the policy.
Mainly the latter serves to give an irrefutable
proof of the origin of the policy.
With the issue of the smart contract the
customer and the bene fi ciary can verify that
the policy is covered and can check that it
was issued by the Company
The Token sale is divided into two parts: PRE-ICO e
ICO. Maximum Token supply is 527.083.333
INSCOIN Maximum PRE-ICO Cap is 7.500 ETH
Maximum ICO Cap is 32.500 ETH
It should be announced
Payments in Ethereum will be accepted