Jun 4, 2018
Despite the insurance industry’s success over the last 30 years, it has never been a technologyleader. Finally, with the Insuruem Protocol, the insurance value chain will become cost efficientand simple, and create larger value in the insurance industry by enabling transactions betweenstakeholders. Insurance companies, policyholders and 3rd parties alike can all maketransactions according to their own competencies, and all excess value (created from thetransactions) is shared based on their contribution.
Zikto started negotiations with insurance and financial institutions in 2015, concerning thegathering and processing of lifecycle data. It was these new connections that led Zikto down thepath toward changing their focus as a company.
The Zikto team realized that a lot of players in traditional finance-based sectors have a stronginitiative to understand their current and potential customers. A data-gathering intermediary canbe a real asset for these sectors to understand their target audiences. With reliable data, theycan develop better products that are customized, digitalized and more cost-efficient.
However, it is very difficult and costly for these sectors to gather this data by themselves. Itrequires a significant investment of time and money to develop and integrate such a system,market it to the public, manage the data gathering processes, and analyze it. The Challenge,Zikto’s data integration platform, bridged the gap nicely by providing data and analysis gatheredfrom various smart devices. Zikto secured a number of sales agreements and ongoingnegotiations with global insurance companies, as The Challenge offered a good value-for-price.As just one of millions of app developers, Zikto ultimately decided to side with the win-winmonetization strategy of adjusting their focus to the processing and integration of data.
Now, Zikto is expanding the idea of data sharing to another level: developing a protocol tofacilitate the transactions. It will promote more stakeholders in the traditional insurance industry,benefiting all. Insurers will find easier ways to gather data, users and policyholders will haveaccess to better insurance products, and third parties like app developers and sales agencieswill find optimal ways to monetize their services and products.
The Insureum Protocol is a new blockchain-based insurance ecosystem that seeks to connectinsurers, their customers, and developers. It is designed to assist insurance companies intailoring insurance policies to individual lifestyles to provide unique incentives for customers.Zikto’s vision is for the Insureum Protocol to create the conditions through which many newinsurance products attractive to people under the age of forty are developed.
The Insureum Protocol bridges the technology gap between the insurance industry, 3rd partydevelopers (Applications & IoT), and policyholders.
Unlike manually managed value chains, the Insureum Protocol uses blockchain technology tocreate a decentralized ecosystem which connects insurers, their policyholders, and third-partydevelopers, and seeks to provide access to a plethora of individually anonymous, butdemographically identifiable data. The premium paid will enrich the total value creation of theindustry. Furthermore, the created value is shared based on each stakeholder’s contribution.
In recent years, adjacent industries (finance and healthcare) have been seeking new ways toaccess customer data. In the insurance industry, IoT, wearables and other smart technology cangive highly relevant information about customers to insurance companies that can help themtailor-make plans and create insurance products which appeal to potential customers.For example; GPS and telematics tracking can inform insurance companies how fast someonedrives, or suggest that a driver who regularly drives for long periods should schedule morebreaks. Other technologies may track how often they go rock climbing, cycling, etc. Insurancecompanies could also determine the amount of steps taken during a normal day as onemeasure of health.
Within the Insurem protocol ecosystem, insurers, their policyholders and third party developerscan exchange blockchain-based tokens called Insureum to buy and sell anonymized data.Insurers will receive the data they want and have the opportunity to develop totally new or evenbetter types of insurance products, especially for usage-based insurance segmentation.Developers are incentivized to connect apps to the Insureum Protocol to receive Insureum, andpolicyholders are rewarded for sharing their anonymized data.
The value of the Insureum Protocol is described below. The value to any particular stakeholdermay vary depending on the future development of the Insureum Protocol and other factors.However, Zikto plans to ensure the main idea of Insureum-incentivised data-sharing will beactualized in the following ways during the first stage.
The Insureum Protocol gives policyholders more power to choose plans that perfectly matchtheir lifestyles by providing insurers with diversified data, even though such plans will not bepurchasable through Zikto or marketed via the Insureum Protocol, at least at the initial stage.However, we have plans to serve as a free marketplace for insurance products in the futureafter acquiring the proper regulatory licence. When policyholders choose to share data, they arerewarded by being able to trade and earn cryptocurrency (Insureum). They could, at a later stage, perhaps also save time and effort when making claims, as most of the processes wouldbe automated by utilizing smart contracts on the blockchain.
By its fit-for-all nature, consumer insurance products cannot meet the needs of the variousindividual policyholders. With the Insureum Protocol, policyholders will be able to purchasecustomized insurance products such as (for example) pet insurance, car insurance only forlong-distance driving, real estate insurance only during the holiday season, cybersecurityinsurance and others for a more reasonable price. Secondly, the data that they currently sharefor free will be made more valuable. Data users (insurers and other third parties) will reward thepolicyholders (and other data providers like app users) for the data with Insureum. Consideringthat there is currently almost no reward for the data, this will dramatically impact perspectives onthe value of the data.
Imagine an insurance policy that rewards you if you hit metric goals like walking 10,000 stepsper day. Or if you’re a safe driver and don’t slam your brakes in traffic, you’ll be entitled to adiscount.
2.2. Insurance companies
Insurance companies will be able to create mini ecosystems that contain in-house or third-partyapps that accurately gather and analyze the real data of (potential) policyholders. Within theseecosystems, cryptocurrency is exchanged between developers and insurance companies, andcan be used to buy and sell anonymized data to develop and manage customized productofferings.
Being able to identify fraud by cross-referencing transactions on the blockchain could also helpinsurance companies to save time and money when it comes to underwriting and the claimsprocess.
Currently, many of the apps that gather user data via IoT devices don’t appear to have properbusiness models through which they may easily and quickly monetize this data. Using Insureumand The Insureum Protocol, app and API developers may be able to create and maintain avariety of new programs based on requests from insurers. The Insureum Protocol could be usedby both insurance companies and developers to exchange apps and/or data in a turnkeyecosystem, with limited difficulty and costs due to transactional or trust issues, as alltransactions will be based on Insureum and on a blockchain.
2017. 5. 1
2017. 6. 1
2017. 10. 16
2018. 5.30 Pre-Sale
Attention. There is a risk that unverified members are not actually members of the team
$43 193 140
$30 000 000
$173 921 467
INSUREUM . is a blockchain-based insurance ecosystem that seeks to connect insurers, their customers and developers. It helps insurance companies in tailoring insurance policies to individuals lifestyles to provide unique incentives for the customers.
The platform creates a decentralized ecosystem that easily connects the insurer, policy holders and other third parties enables insurance companies to offer faster and cost-efficient services making the project viable. I would therefore invest in it.
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