Cryptoconsult - Thank you for your valid contribution.
Blockchain will make insurance more affordable, but not cheap. The idea behind using the token to discount insurance further is creating a greater value for token in the future. By maybe using a 'No-claims' annual token reward system, customers will have the benefit of then utilizing the token to discount their insurances
Two questions following your earlier response:
1. What has blockchain to do with affordability of Insurance?
2. How will tokens discount the insurance? Are you an insurance company or just a marketplace?
3. Can you elaborate further on tagging token to No-Claims reward? How will this work? Let's assume I purchased 100 tokens in your ICO. Now what all can I do with these tokens?
1. Unless mandatory ie. car insurance, most insurances are an extra expense a lot of people choose to live without. With a blockchain solution cutting out the middlemen we aim to make insurance something of a very affordable acquisition, a necessity as opposed to a luxury.
2. Initially we will not be an insurance company. Just a market place linking customers with products.
3. If you purchase 100 tokens in our ICO firstly - You will have access to buying insurance on our platform. Secondly (tentatively) we are considering the ability to utilize tokens to off-set insurance premiums further to the calculated quote and up to a percentage of, for example 20%. Hopefully this answers the second part of Q no.2 also..
We want to create a product that the crypto community have tailored to their needs, and are still open to all possibilities of token utilities.
1. As long as you aren't deciding the premium amount how can you guarantee affordability. Wouldn't LegacyMarket be making money on every insurance that gets sold through its platform? As opposed to insurance brokers, you'll have a running operational, technology and other expenditures. Not sure if you are factoring these cost before talking affordability.
2. This means you can't decide the premium, no-claim bonus etc...
3. If 100 tokens can get me just 1 insurance then does that mean I need to buy token every time I intend to buy an insurance? Does that mean you are planning unlimited token supply?
1. Nothing in life is guaranteed cryptoconsult except death and taxes, ha! However what we can guarantee is that our first year will involve providing the most competitive insurance available, even if at the expense of no revenue, creating a greater community and higher demand for our tokens = higher value of token where ICO investors will profit. With a large community Legacymarket will have the power to negotiate better deals with insurers.
2. Won't be able to decide the premium - Underwriters of chosen provider will do that.
3. Unlimited supply has been considered but not preferred, instead ways to circulate tokens are under thought - continuous referral program, no-claims rewards, marketing bounties.
Another option we're considering is having separate utility tokens for different insurances, and when our exchange is launched - include a security token available to exchange with current utility token holders at ICO, as well as the option for new customers to buy them (at a higher cost)...
