As an American, it’s easy to miss ICOs launched in Eastern Markets. There’s a culture gap that can make it difficult to comprehend the scope of a project and their likelihood for success. Most Eastern companies that Westerners are familiar with have been finely polished to appear the same as any Western company would. In many cases, Eastern ICOs haven’t had that opportunity yet; they’re more regional. As a result, we miss opportunities. Insureum is a prime example of this.
Insureum’s parent company is called Zikto. In 2015, Zikto launched a wearable technology product that collected data on movement. This device became popular among insurance providers. The data that these devices collect is valuable to insurance companies; it can be used to better understand people’s lifestyle habits. Using what they learned in wearable technology, they expanded into a product called The Challenge. With The Challenge, data can be gathered from numerous health apps. This data can be useful to a number of industries as it gives access to a data set collected on a scale never seen before.
Using the lessons and experience Zitko gained, they recognized potential in the natural progression of launching a blockchain-based project. One of the most revolutionary aspects of blockchain is its immutable data. Zikto leveraged this immutable data to create Insureum.
The Insureum Protocol creates an ecosystem where insurers, policyholders and app developers can work cooperatively to earn tokens and gather anonymized data. Insurance companies can use this data to create tailor-made insurance policies. Developers can connect apps they’ve created to gain additional sources of revenue, all while policyholders get paid for sharing their anonymized data.
The Future of Insurance
Currently insurance rates are imbalanced. Insurance companies are forced to make assumptions about large groups of people, across multiple demographics, largely because accurate date is simply not available. This results in some groups overpaying for insurance because data is not available to better formulate what it costs to insure a given demographic.
Insurem’s data sets will allow companies to create custom insurance plans and better predict what they may cost – which should result in fairer pricing. The main beneficiaries of this are young people. This demographic is also more likely to participate in sharing their data in an anonymous way through wearable and IoT (Internet of Things) devices. Participants earn Insureum tokens for sharing their data.
Developers will be incentivised to connect apps and devices to Insureum. A network of health apps will be available to gather data from incentivised participants and will share data with insurance companies. We can only imagine the innovation that will result from this type of marketplace that incentivises both users and developers.
Insureum was slated to have its token sale on May 30th. Due to an overwhelming response in the pre-sale, the crowd sale was called off. As a gesture of good intent, they had a complimentary airdrop for individuals who had signed up for the white list.
In early June, Insureum signed a MoU with the insurance juggernaut AXA. AXA is a French multinational insurance firm – the world’s second largest financial services company. This agreement could allow the Insureum Protocol to be integrated in many facets of AXA’s operations including: data integration, product development, sales, marketing and claim management.
The initial result of this partnership AXA has resulted in a blockchain-based flight insurance. Data is automatically tracked from flight records. If a flight is late, you get paid instantly. There is no need to speak with anyone and no hassles. AXA has a prototype for the European market and is working with Insureum to build a more robust blockchain integrated platform with Korea as a test bed.
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