It is no longer news that the insurance industry will be having a total makeover real soon. This is as a result of the efforts of a group of high-level professionals from the IT/Fintech, banking, insurance, retail, and management consulting who share a common goal of creating a transparent, affordable, efficient and reliable insurance platform, I-CHAIN. This platform will be built on an open blockchain technology and will offer insurance solutions to customers all over the world. Using the I-CHAIN platform, insurance companies will enjoy a wider outreach and more significant customer base because the open blockchain allows for cross-border transactions.
Implemented on the I-CHAIN platform, the open blockchain offers so many possibilities and benefits such as transparency and affordability. Through the platform, insurers can publish their products on the platform and get patronized by clients. Insurance activities like a sales process and claims are handled by the platform, which makes use of web applications and its website as a primary channel of operation.
What does the I-CHAIN platform bring to the insurance industry?
The platform comes with a whole lot of benefits for the industry. Some of which include:
- Decentralization: The centralized system has undeniably failed, with plenty of risks and lack of transparency. However, with the I-CHAIN platform built on the blockchain, it will be easier for insurers and customers alike to know whether or not a claim has been made. This will put an end to legal cases between the involved parties.
- Competition: The platform allows for healthy competition for customers among insurance companies. This will help insurers provide better service and deliver better products. The customers equally have a plethora of insurers to choose from depending on their needs.
- Scalability: Data will be properly managed since it’s an infusion of their platform and the blockchain technology. There is enough space to accommodate clients and bring different sectors into the mix.
- Saves time: Insurers can focus on other important logistics since the platform amplifies their products. They do not have to build from scratch nor have blockchain expertise.
The I-CHAIN platform has a well-planned target clearly stated in their whitepaper.
May 2018: This plan targets architecture according to the whitepaper and the MVP of the platform as indicated in the demo. This target has already been achieved in May 2018 as you can access the demo here https://demo.i-chain.net. The program targets architecture with BPM engine and all layers according to the Whitepaper.
Q4 2018: MPV as real product accessible to public. This plan is still in process as the platform proposes to launch their first “IC insurance” product in Q4 2018.
June 2019: Still in the development plans of the platform, 2019 will see the platform introduce a version with product constructor for one type of product. Use of Token will also be enabled on the platform. Partners will have the possibility to construct their own products (one type) using the platform. This means it will become possible to make use of owned token and sell/provide own product to the customers (1000 customers per one Token).
Dec 2019: Planned for this period is the ‘extended products’ constructor version for at least 3 types of products. Consequently, this will result in extended token value. There will also be an extended API version for partners.
Dec 2021: This period will witness a development of the full version of the platform, with product constructor for at least 5 types of products including mobile applications and full API.
When asked about the target market for I-CHAIN in a recent interview, Sergey Chekriy made it clear about their intentions to cover the insurance industry all over the world. This is because the platform is built on the Ethereum network which is global and the architecture developed by the platform allows them to provide insurance solutions without geographical restrictions.
Platform Current Stage
Currently, the I-CHAIN platform is still at the ICO stage where the platform ICHN, Utility tokens have been on sale since 17th May 2018 at the rate of 0.1 ETH. Being the only chance to utilize the platform, the value of Utility token is expected to rise up to 10% of the regular price of starting up an insurance company. No new tokens will be issued after the token sale and the total volume is pegged at 5,000,000.
ICHNS, Security token which is the second type will also be offered to the public from 17th November 2018. Nevertheless, those who bought Utility tokens before 31st October 2018 will receive from Glass Cube Ltd, an equal number of Security Tokens. i.e. 10 Utility token= 10 Security Tokens.
The I-CHAIN project looks very promising. Apparently, they have in their hands all the resources needed to remodel the insurance industry with the help of the blockchain technology.
Visit https://i-chain.net/ for more information.