Every country's sustainable economic growth is very important and these are achieved through various means of which one of them is Insurance.
This is because insurance encourages investment and helps to mitigate against risk and uncertainty. It helps to cushion the effects of negative life occurances or what we know as unforeseen circumstances. The need for being insured can not be over emphasized but there are some problems facing the insurance industry and these are really serious in nature because they have hampared the growth of this sector, making it redundant.
Factors such as some insurance companies being hesitatant when it comes to investing premium for long term period. Reason being that inflation might occur and they will be at loss having no support or backup from elsewhere.
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Often times, the high cost of regulations imposed by the authorities predisposes the sector to stagnancy. Lack of adequate incentives, renewal or provision of IT equipments abound. This makes most of the data computation undergo manual process which incurs delay and errors atimes. How about several cases of delay in settlement claims and fraudulent practices? Even some brokers, actuaries, underwriters are not well trained/skilled to be in the service but due to meeting up with other criteria and because the industry do not have the resources to retain skilled employees, anything goes.
Similarly, the customers are not provided with adequate information about the packages for purchase made available.
Non flexibility in the mode of payment and the time spent in visiting the offices is scary enough to put customers off.
These and many more are responsible for people's reluctance to get insured.
Now that people have moved on to a more easy, simple and secured form of living with the increasing adoption of cryptocurrencies & Blockchain, there's the need for the insurance industry to move over too and here is welcoming Inmediate, a decentralised smart insurance network.
Inmediate will change the pitfalls of the insurance industry with it's unique features such as the utilization of Oracles to enhance it's blockchain and the use of smart contracts. Incorporating into use, the data obtained from the internet of things IoT and encryption protocols. These altogether, ensures a swift, safe and dynamic smart insurance network which is accessible to everyone from anywhere.
The security and privacy of customers identity, data and investment is second to none and the level of Inmediate's transparency is worth investing in.
The vision of Inmediate is to ensure easy and massive entrance into cryptosphere by the provision of DIT token.
https://youtu.be/GgMGFe_G5NM!
YouTube introduction video
It's not all about delving into smart contracts or blockchain but the crucial thing is having your products and services encompassed in an efficient & self sustaining ecosystem and that is what Inmediate stands for.
Backed by DIT token which is utility based, every Inmediate stakeholder/user is required to hold a minimum amount to settle for products and services within the community. The tokens' value will grow as products and services, users and usuage of the platform increase.
Now let's quickly analyze the benefits of Inmediate to each of the stakeholders:
*From Inmediate's Angle*
Policies will be put in codes and algorithms such that it can't be altered or manipulated. This will ensure a transparent platform that users can trust.
Instant payments will be ensured through the execution of smart contracts fulfilment. Inmediate will build an App that will connect all the participants together and provide quality details on coverages so that everyone will be informed basics, options, requirements and features for a smart insurance experience.
There's also an opportunity for other app builders and engineers to partner or sign nodes with Inmediate & Zilliqa for creating more Apps and services. Hence the affordablility, security and speed.
*For Consumers*
Their claims will always be facilitated and received promptly because everything is automated/digitalized, thus discouraging bribery request and unreasonable excuses from officials. They would be able to enjoy a wider range of choices for cover and cheaper coverage with various point of sale.
The system will also reward them for feedback and loyalty.
*For Insurers and Re-Insurers*
The administration/management cost will be greatly reduced and the fear of fraudulent claims by customers is eliminated because KYC, API & IoT aggregated data ensures that every detail is up to date, correct and verified. The insurers new products becomes easily deployed and positive results and awareness achieved. Insurers will always enjoy the constant availablility of Real time data. Swift execution of orders will attract their customers trust and loyalty.
*For Distributors*
Marketing of new products will be so easy as digitalization has helped create awareness and sensitization. The platform has also provided adequate information needed for decision making. Distributors will incur more profit through the low set up cost of sale point by Inmediate ecosystem. Based on the availability of various policies, they would have the opportunity to make selection. Another benefit is that connecting to customers won't be a nightmare anymore because Inmediates' decentralised ecosystem will aggregate a lot of people with genuine interest. Finally, the distributors will outplay their competitors by launching more enhanced products.
Use case
Mr and Mrs Charles are newly weds who were gifted with an exotic brand new car. Mr Charles suggested that they should get it insured but the wife vehemently refused and recounted her fathers experience. Her dad insured their only farm and the cash crops in it. Eight months later, forest fire ensued and everything was damaged. Her dad spent a year processing the claims but the worst happened when he was told that his broker who has been hospitalized all these while is finally dead and they can't find his coverage file/details. That was how Mrs Charles lost her dad to heart attack.
"Well times have changed and we won't be dealing with files and offices anymore" chipped in Mr Charles. "You have to decide on whose phone we would download the Inmediate smart insurance app. From there the journey to securing and earning starts because we will be getting regular rewards for our loyalty".
After further explanation, Mrs Charles agreed but pointed out that it will be operated from her phone so she could see for herself and monitor the process.
After Six months, she became a radical referrer of Inmediate network. Having seen their transparency, incentives and best customer service.
Inmediates Team and Partners
Inmediate has a great team of experienced and skilled veterans of different expertise. They are dedicated and will stop at nothing to bring the project to an enviable height.
Inmediate is graced with reputable partners such as Zilliqa (Blockchain), FWD Group (insurance company), Deloitte (Accounting Org) etc.
For the Roadmap and other details please check out
https://inmediate.io
&
Inmediate whitepaper
Insurance pictures from
https://www.google.com.ng/search?q=insurance+pictures&oq
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