[pre-ANN-ICO] Blockchain Insurance Platform >> Legacymarket <<

[Legacymarket]

Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

[olegoleg117]

where i can find more technical information?
i thinks your idea very interesting, but i don't understand, how exactly technical you will create this one.

[CryptoConsult]

Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

What all Token Utilities have you planned to offer? Knowing a few of them may help in thinking about other utilities. The concept sounds good for sure and has a definite use case around Blockchain.

[Legacymarket]

where i can find more technical information?
i thinks your idea very interesting, but i don't understand, how exactly technical you will create this one.

Hello olegoleg117,

Our Whitepaper + Technical paper are currently under construction (Release date to be announced soon).

What kind of technical difficulties do you see in creating such platform?

What kind of utilities would you like with the token? 

[Legacymarket]

Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

What all Token Utilities have you planned to offer? Knowing a few of them may help in thinking about other utilities. The concept sounds good for sure and has a definite use case around Blockchain.

Hello Cryptoconsult,

Currently in mind to use the tokens within the platform to discount insurances.

Could you contribute any additional utilities you would like to see?

[CryptoConsult]

Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

What all Token Utilities have you planned to offer? Knowing a few of them may help in thinking about other utilities. The concept sounds good for sure and has a definite use case around Blockchain.

Hello Cryptoconsult,

Currently in mind to use the tokens within the platform to discount insurances.

Could you contribute any additional utilities you would like to see?

Shouldn't product discount should be the primary reason behind moving to the Blockchain? I mean why do you need to have a token for that. Without any middlemen the insurance should come at discounted price by default. Better if you could elaborate on this utility.

One of the utilities could be around tokens acting as a Key to access the platform and get customers. For Example- X number of tokens gives platform access for Y months or Z customers, whichever happens first. X, Y, and Z will vary per type of businesses/individuals taking part in ICO. Like Hospitals, Doctors, Insurance companies etc......

[Legacymarket]

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

[amiteshanand]

1. Any specific reason for considering face recognition for insurance compare?
2. So, utility token here is not an investment but more of a behavior of currency?
3. Will it be openly traded or just in your platforms?

[Legacymarket]

1. Any specific reason for considering face recognition for insurance compare?
2. So, utility token here is not an investment but more of a behavior of currency?
3. Will it be openly traded or just in your platforms?

Hi amiteshanand,

1. FR will provide better quality of identification and generate instant quotes for customers at little input - Opposed to current online insurance platforms that require customers to type all their required details into the system, FR linked with Blockchain offers an instantaneous quotation system and will not store people's data like current systems.

2. Could you please elaborate on the question?

3. Yes, token will be openly traded.

[amiteshanand]

My bad. I wrote less than what I thought ;-) This happens when you work on weekend 

Let me put another attempt to Question:

Are these tokens "Equity Tokens" (as investor we hold value in business along with voting rights) or just a utility - means of access to service?

Sorry to be the pain; but,
How does Insurance gets listed here at the first place?

[l10no]

insurance system in my opinion is still not comprehensive, maybe with the joining of this project, will help all the shortcomings in insurance will be resolved and resolved

[Legacymarket]

My bad. I wrote less than what I thought ;-) This happens when you work on weekend 

Let me put another attempt to Question:

Are these tokens "Equity Tokens" (as investor we hold value in business along with voting rights) or just a utility - means of access to service?

Sorry to be the pain; but,
How does Insurance gets listed here at the first place?

We are considering all options.. Equity tokens would open us for regulation and has a benefit of targeting accredited investors, however a utility token has less complications. A mixture of the two is also something we are considering.

'How does insurance get listed here at the first place?'

The platform is to act as an agregator, creating an alternate stream of business for insurance providers at none of the high commissions currently paid to third party brokers. Their API's will interact with our deep learning AI forming a complete automated system. Listings of such insurance companies will be easily attained due to my team possessing years of Insurance experience and relationships with most international providers.  

[Legacymarket]

insurance system in my opinion is still not comprehensive, maybe with the joining of this project, will help all the shortcomings in insurance will be resolved and resolved

Hi l10no,

Yes I agree, being in the Insurance industry for numerous years makes us passionate about providing a complete transparent solution to replenish an industry that has been tarnished through bad advice and fraudulent claims.

What would be your thoughts l10no on signing a smart contract online for an insurance product without any human interaction? 

[GregMant]

Is there any website for the Legacymarket - platform? I mean the idea is good, but you should provide further links describing the idea as a whole, in detail.

[Legacymarket]

Is there any website for the Legacymarket - platform? I mean the idea is good, but you should provide further links describing the idea as a whole, in detail.

Hi Gregmant,

Our main focus presently is completion of our Whitepaper & technical paper. Domain names are purchased, website will be created immediately after finalization of main tasks.

[CryptoConsult]

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?

[Legacymarket]

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.    

[amiteshanand]

Legacymarket,

Help me understand cutting the middlemen in your Car insurance example. I use https://www.policybazaar.com/ all the time in India to buy my Travel, Car and other short-term insurances. I mean, I pay them and policy is inbox. Ain't you looking to do something similar here? Or, is there something more which I am missing. Let's say I have a no claim for the first year - that I get a benefit even in *without blockchain* scenario.

Can you help me improve my argument if I am missing any details?

Thank You.

[CryptoConsult]

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?

[Xenon05]

Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

Your company offer also as an adviser, any token can be offer to your company and can be use as a payment method.

I think this comapny will be success, good luck