For professional parties in financial services to work together, certain processes need to be agreed. Finance and insurance are serious business and everyone that partakes in a deal wants the transaction to be secure, reliable, and efficient.
Add to that the desirable products of speed, quality, trustworthy audits trails and you’ve got the ideal transactional ecosystem.
That is the dream for insurers, regulators, and importantly — customers.
Smart Insurance contracts will be fundamentally different from traditional insurance. The majority of processes can be automated and the need for human intervention will disappear. That is good because it cuts insurance costs substantially and it makes outcomes defined so there will be no more judgment, disputes or mistakes since every step and clause is programmed.
Inmediate will do the actual design and programming of the steps. Our ambition is to make it a standard process, no matter what policy a customer buys and who he or she buys it from.
This brings about full clarity on the process, enabling scale and efficiency to come into play. Strong controls are also a byproduct of this superior design and programming using a platform that has a private blockchain at its core.
The next thing Inmediate will do is to build a framework for insurers to build their policies on so that they can be effectively processed in the ecosystem. Insurers will be enabled through our dApp to manage their portfolios and the dApp is where all the connected parties come together and can view and their transactions.
Finally, Inmediate will build all the connections with the parties involved to enable every part of the insurance distribution, purchase, and pay-out process. This will link up our APIs (Application Programming Interface), oracles (information source), financial settlements, and customer loyalty programs.
If Insurers were car makers, then Inmediate would be the provider of the roads, signage, electronic controls, lighting — everything that the consumer needs to get around from point to point. Powering the entire system would the DIT tokens, used by Insurers and Consumers alike.
Ending off with the transport analogy, we see Inmediate taking Insurance to a new destination. One that is filled with hope, promise, and immense benefits for the world.
I warmly invite you to join us on this exciting journey.
Otbert de Jong
CEO and Founder