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INSCOIN: THE FIRST BLOCKCHAIN BASED INSURANCE COMPANY

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OVERVIEW

Annually Cost of insurance fraud is approximately $40 billion and the biggest losses are borne by the companies, the management of IT security and operational losses resulting from attacks involve huge investment costs. For these reason insurance companies are starting to manage cyber risk with a Three Lines of Defense model.

Generally, IT and the CISO, make up the first line of defence, implementing and executing the information security strategy.
Tasked with maintaining an overall view of all risks, the CRO makes up the second line of defense, along with compliance, which assesses the adequacy of internal solutions and their alignment with regulatory requirements.
The third is internal audit, providing an independent assessment of the adequacyof the cyber risk management framework and whether the processes and controls are being applied effectively.

Regardless of the exact setup of the Three Lines of Defense model, it is imperative that that the top level of management has oversight of cyber risk management.

A further problem is the slowness of international banking transactions

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The insurance policies issued by Knox Insurance will be both in traditional paper form and in the form of smart contracts, allowing the customer to monitor their policies in real time, in full transparency and safety. Thanks to the platform developed by knox insurance, the policy will evolve into a fully automated and eliminate the possibility of conflict of interest between the parties involved.

The goal of KNOX is to reach, by exploiting the blockchain, a decentralization of
the whole insurance system. Decentralization means the transformation of traditional insurance policies from paper into smart contracts.

HOW USE SMART CONTRACT ?

With the smart contract the spread of false insurance policies is avoided because it is the same system that issues them after receiving the payment.

With the smart contract the company won't have delay in collecting credits, as the policy is issued only after receiving the payment. This factor aims to significantly improve the management of the company itself.

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With the smart contract in the event of accidents the real judge who will decide whether or not to pay them is no longer the company, which could have an opportunistic behavior, but the block-chain system will decide if this accident is compliant with the provisions in the policy. This benefit will be the most important as it will increase the transparency of the company towards customers.
This benefit will be the most important because it will increase the company's transparency to customers.

TOKEN INFORMATION
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