We are rushing into an era of pervasive connectedness. 55 billion Internet of Things (IoT) devices will be bought over the next eight years. Most of them will be able to diagnose their own operating state and communicate imminent failure. Because none of this requires human verification, there is an opportunity for automated insurance products - insurance that verifies claim events and pays claims automatically.
There is a second opportunity. Most IoT devices collect data. Drones, sensors and cameras can send data that can be used as an input to insurance calculations. This will see an explosion in the number and diversity of insurance products.
With smart contracts and a tokenised system that assesses risk, we‘re building a platform for autonomous insurance, usable by any manufacturer or insurer. Here is the pathway to that:
The global IoT insurance market is expected to be worth USD 42.7 Billion by 2022 and we are positioning ourselves as a significant innovator in that space.
We have demonstrated a proof of concept with working apps, integrated feeds from data suppliers, all required algorithms and business logic. We now require funds to build a fully operational platform, develop partnerships with data suppliers, extend our organisational infrastructure and promote the platform on an appropriate scale.
Insurance pools. PMs will deal aspects of the insurance pool: 1. Capital PM (Predicts how much capital will be raised to support the pool) 2. Premium PM (Predicts the size of the premium the pool will amass) 3. Profitability PM (Predicts the loss ratio or some other profitability measure of the pool) Market operation. 1. Diversity (The participants have different information on which they base their prediction) 2. Independence (The participants make their predictions independently of other participants’ opinions) 3. Decentralisation (The market is decentralised rather than expert-opinion led) Algorithms. 1. Member score (Determines member rank and weight in overall market prediction. It’s a measure of prediction success) 2. Reward function (Determines the reward granted for successful predictions) 3. Value function (Determines the value of the whole prediction market)
MVP development v1.0
MVP development v2.0
Attention. There is a risk that unverified members are not actually members of the team
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