INMEDIATE makes policies transparent and trustworthy by using Smart Contracts, powered by the Zilliqa blockchain solution.
Smart contract blockchain
AN ECOSYSTEM IS REQUIRED
Many Insurers are exploring blockchain and smart contract supported products.
Yet an ecosystem is still missing. One that can bring these policies to the market in a convenient, consistent, and coordinated manner.
INMEDIATE FILLS THAT GAP
We will provide the Insurance industry with that ecosystem where Smart Contract Insurance can be transacted at lightning speed, full clarity, and at much lower costs than ever imagined.
Inmediate wants to provide people with insurance in a more efficient and convenient way, making the whole process as simple as clicking one button. They believe that even up to 7 billion clients are underserved and current technological developments create opportunities to provide these services much better. Blockchain technology could easily store information about your car, phone, electronic devices or home appliances and automatically detect damage, which would then trigger the repair process and needed payments. By storing the information in the blockchain, any possibilities of fraud or extortions could be limited, which will benefit both the insurer and the customer, as the operating costs can be significantly lower. However, the most important benefit for the insurers is the reduction in fraud and attempts of extortions, as it would be very hard to cheat the transparent blockchain, which stores and manages all of the data. The whole operational costs will also be limited and this can also benefit the customers as the products can be offered much cheaper and faster. When it comes to blockchain, the project will operate on the Zilliqa blockchain, which is designed to be able to scale to thousands of transactions per second and has very extensive smart contract capabilities. It's worth noting that Zilliqa is currently developing a non-Turing-complete front-end language similar to Solidity and Inmediate will be one of the first to be making a smart contract on the this blockchain. The Team behind Inmediate is relatively small, however they have been on the insurance market for some time already and have built a full-service insurance platform that guides customers to help them find and buy insurance that best fits their needs. They run two businesses Insurance Market PTe. Ltd. and Metis Consultancy Pte. Ltd. The members worked with big corporations such as Citibank, ABN AMRO Bank, Standard and Poors or Lenovo Group. At the current stage the team lacks programmers, however with the money raised during the ICO phase they will be able to hire good blockchain developers and the budget provided in the whitepapers shows that they will devote the biggest part to the project's development.
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