The KNOX project will be the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies. 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 blockchain system that, in a totally disinterested by the human opinion, 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 towards customers.
The INSCOIN token is a foundamental 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.
15% of the supply (Broker WhoSaler reservers) 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
All the collected inscoin, as described, will be retained by our structure until the end of the smart contract which blocks 15% of supply. From that moment on, we can issue on the market, every three months, up to a maximum of 4% of the retained tokens. This 4%, issued every 3 months, creates inflation but is absorbed by the constant increase in the turnover of the three Companies.
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LINK:
http://my.inscoin.co/register?ref=42497
