ABSTRACT
LIMEC is a software which provides an opportunity for all parties of the life insurance space to more efficiently and securely send, receive and store sensitive client information as well as make the underwriting process faster. Additionally, the software comes in a user-friendly mobile or tablet application for the end users (life insurance agents & medical examiners). LIMEC is a cyber security blockchain-based medical examining company platform and database storage system. Furthermore, LMC is the native token of the LIMEC platform and the currency fuel. In the exchange of LMC, users (the medical examining companies) will be able to use the network to rent sensitive client information storage space and to execute smart contract payments and transactions.
1. CONTENTS
2. Introduction
3. Medical Examining Companies
3.1. Middle Men?
3.2. Security
3.3. Administrative costs
4. The Application
4.1. For the Administrator
4.2. For the Medical Examiners
4.3. For the Life Insurance Agents
4.4. Impact on your Business
4.5. White Label
5. LIMEC TOKENS (LMC)
5.1. SaaS
5.2. LMC = Secure Storage Space
5.3. LMC Value
6. Roadmap
7. Crowdfund
7.1. Crowdsale Distribution
8. Conclusion
2. INTRODUCTION
LIMEC's main objective is disrupting the medical examining industry. We saw the inefficiencies in the insurance industry and wanted to address that. LIMEC looks to make waves in an industry in dire need of innovation something has to change and we want to be that change. After learning about the Blockchain, we decided to solve the cyber security menace of sensitive client information transfers and storage in the insurance industry using Ethereum based technology, in turn reducing costs for the medical examining companies. The administrative costs of processing policies and claims is an easy area to target for improvement with the blockchain. LIMEC respects the need for human interaction in order to provide good customer service and user experience, but there remain too many inefficiencies in the process: Especially efforts in communication, smart contracts could help drive down these efforts, and thus the cost of doing business. Life insurance is a highly competitive business. It has become one of the few enterprises to consult medical professionals in assistance for selecting their policyholders. Laboratory results provide insurance companies with all health risks an applicant may have which could reflect in the pricing of the product. Thus, it is necessary to conduct medical/para medical exams in order to evaluate an individual’s health. In life insurance industries, companies’ income is often affected by the longevity of their policyholders. LIMEC complements the life insurance industry by providing a more secure and reliable way for medical examining companies to do business and reduce their administrative costs. This will encourage lower fees and reduced overhead additionally, and hopefully, because of the reduced overhead, some of the traditional out-of-pocket expenses when filing claims will be lessened or eliminated entirely. The long-term goal for LIMEC is to automate most of the medical examining process via artificial intelligence and machine learning. LIMEC's goal is to drive down costs even further while increasing efficiency of the pipeline.
3. MEDICAL EXAMINING COMPANIES
Medical examining companies are an essential part of the life insurance industry. They represent the final step before an individual can claim life insurance. Life insurance agents depend on their medical examiner's efficiency and good service when visiting their clients and performing the necessary medical exams.
3.1. Middle Men?
Life insurance medical examiners are not middle men. They are an essential part of the life insurance industry. Companies like Umbrella coin* may, in the future, be able to do away with life insurance agents and lower the premium costs for the client. Nonetheless, the medical examining industry is here to stay, they are the needed medical verification processes that allow new clients to be eligible for life insurance.
3.2. Security
Cyberspace and its underlying infrastructure are vulnerable to a wide range of risk stemming from both physical and cyber threats and hazards. Sophisticated cyber actors and nation-states exploit vulnerabilities to steal information and money and are developing capabilities to disrupt, destroy, or threaten the delivery of essential services.** LIMEC offers a security solution for users to send, receive and store sensitive client information built on the Etherium blockchain.
3.3. Administrative Costs
The administrative cost for medical examining companies lies in the inefficiencies of the current platforms. LIMEC strives to automate most of the medical examining process via artificial intelligence and machine learning. LIMEC's goal is to drive down costs while increasing efficiency of the pipeline.
*https://www.umbrellacoin.org/
**https://www.dhs.gov/topic/cybersecurity
4. THE APPLICATION
The LIMEC app is the end user application that life insurance companies will pay for and enable each of their medical examiners to use as well as all the life insurance agents they work with. It is a B2B SaaS platform that represents LIMEC's main source of income.
4.1 For The Administrator
The administrators are the corporate offices of the medical examining companies, where the schedules of their medical examiners are organized and where, on the back end of the platform, all of the client's information is securely stored. The Administrator will be the gatekeeper between the life insurance agents and the medical examiners performing the necessary exams on the life insurance agents clients. They will be able to update the agents of the status of their client's claims and if there is a problem. Depending on the amount of medical examiners and life insurance agents each medical examining company has will the amount of LMC for storage space be calculated and thus the price each medical examining company has to pay.
4.2. For the Life Insurance Agents
The life insurance entities/agents will be provided their front end application directly from the medical examining companies. There will be a white label solution for the medical examining companies that require it. The agent's application will be able to create new requests for each new client they acquire, this will come as a secure form that will be sent directly to the administrator platform for safe storage and beginning the medical examining process. Agents will be able to keep track of each of their clients statuses and connect to their medical examiners directly through the app. Creating a secure professional network with a seamless and secure service.
4.3. For the Medical Examiners
Medical examiners will be able to use the front end application once their company has integrated the LIMEC system. Their administrator will have the ability to grant them access. The number of medical examiners will determine how much secure storage each company requires and therefore how much LMC they will have to purchase. The medical examiner app will consist of steps/procedures that have to be followed when visiting a client as well as automated documents to be filled, depending on who the life insurance agent works for and shipping instructions to send the medical data to the appropriate laboratories. The platform will update the life insurance agents of their client's statuses through the medical examiner's app which will automatically send updates to the agents once the medical examiner has confirmed a step has been taken. The administrator also has to approve certain steps in the process.
4.4. Impact on your Business
A medical examining company's goal is to cut costs while raising quality customer service. LIMEC solves this with automation and eliminating most of the administration and paper work. By having each agent choose the life insurance company they want their client to be issued under the system will already have all the paperwork in place, securely stored, for the assigned medical examiner when they are sent to visit the client for the medical examinations. The medical examiners are given, through the app, most of the required administrative tasks which in turn reduces the administration costs for the Medical Examining companies while being able to monitor the whole process and provide a seamless experience to both the life insurance agent and their client.
4.5. White Label
Most companies will require a white label solution when it comes to providing the platform to the life insurance entities/agents they work with. We will provide this option for a fee.
5. LIMEC TOKENS (LMC)
LIMEC TOKENS (LMC) are the native token of the LIMEC platform and the currency fuel.
5.1. Software as a Service (SaaS)
The LIMEC platform will be licensed as a SaaS. This is LIMEC's main revenue stream. Our target market is medical examining companies.
5.2. LMC = Secure Storage Space
In the exchange of LMC, users will be able to use the network to rent sensitive client information storage space and to execute smart contract payments and transactions.
5.3. LMC Value
LMC will have two values: intrinsic and invested. The intrinsic value of the token is the value of LMC on the open exchanges. The invested value is the portion of the companies profits that will be distributed among all token holders in the form of "Lime Coins". You generate "Lime" simply by holding LMC in your wallet. Lime will begin generating once the platform goes live and will also be available for trade on the open exchanges.
6. ROADMAP
Our main objective after the crowd-fund is to create the infrastructure of the platform. Thereafter we will explore marketing the platform to existing medical examining companies, expanding into different areas of the industry, and general software reviews to ensure proper Lime Coin payouts.
August 2017 – White-paper written, website launched
January 2018 – Platform development, payout infrastructure implementation
December 2018 – Platform Launch, partnerships with existing medical examining companies
March 2018 – Platform review from community
August 2019 – Further review; token holder policy improvements
2020 - further partner expansion; software review
7. CROWDFUND
Crowdfund Start Date: TBD
Crowdfund End Date: TBD
Issuance of LMC Tokens: 100 000 000
Tokens Exchange rate: 100 LMC = 1 ETH.
Minimum transaction amount: 10 LMC (0.1 ETH)
Maximum transaction amount: 1 000 000 LMC (1 000 ETH)
Bonuses: for the first 10 000 ETH raised, a 10% bonus will be given
Bounty: 2 000 000 Tokens (2% of issuance)
Total Sale goal: 78 000 ETH
Minimal Sale goal: 10 000 ETH
Token distribution rules:
78% (78 million tokens) will be available to participants
20% (20 million tokens) will be distributed among team members
2% (2 million tokens) will be reserved for the bounty program
All collected funds shall be received and stored on wallets with multi-signatures
6.1. Crowdsale Distribution
The crowd-sale funds will go towards funding future development of the LIMEC platform and helping us meet our roadmap goals. We are currently a distributed team and plan to maintain this arrangement to keep costs low. Depending on the success of the crowd-fund, we see our funding able to sustain the development team for 6 years.
8. CONCLUSION
LIMEC is being developed to securely store sensitive client information and make the medical examiners process more efficient. We are targeting an aggressive development and launch date for our tokens. You can learn more about the team and keep up with our progress at:
http://www.limec.cohttp://www.twitter.com/limectokenhttp://www.facebook.com/limectokenhttp://www.github.com/limectoken
