We have been on a mission for some time to make Insurance better. We see it as a stale, opaque business that is marketed aggressively for all the wrong reasons. (most distributors get rewarded on a commission basis).
Over decades, the industry has not innovated much and still offers limited choice and availability; many people simply cannot get the type of coverage they really need. Because of this, many consumers run the risk of being underinsured — with potentially heartbreaking financial and emotional consequences.
Yet we have never been more optimistic about creating a massive difference.
Technologies like block chain allow us to make a giant leap towards the objective of our mission to get people insured in a simple, cheap, transparent and efficient manner.
The challenge with most Insurers is that they tend to be slow adopters when it comes to new technologies and innovation.
They do not want to upset their current distributors, who may see change as a threat; and so innovation is simply not part of their culture. Companies usually adopt a “wait and see” approach when it comes to technological developments. This means they need a little help.
Thankfully, we do not need to wait for all Insurers to fully embrace the technological upheaval that is block chain before we can start.
What we have is a vision — and have initiated the interest of a number of visionary insurers. It is with these core partners that we can build up an eco-system; and be safe in the knowledge that the rest will come on board upon the first signs of traction.
To finance the creation of this new eco-system, the ICO is a very equitable instrument. It allows the early believers (customers, blockchain fans, distributors, insurers, visionaries, etc.) to get rewarded for the risk that they are taking when the project starts to accelerate.
It will oblige the risk averse to pay a higher cost to acquire tokens to use the eco-system for their products. The utility value starts to appreciate when the transaction velocity starts to increase when more participants join the eco-system. A value proposition they will find difficult to ignore. The customer loyalty program will also make customers that use the eco-system token holders and benefit from the success of the platform.
The ICO addressed the risk-reward challenge in a perfect way. Believers and innovators take the risk and get a high reward with a better world as a welcome bonus.
Besides better insurance for everyone, fairness is something that the world could sorely do with.