Our challenge is to improve the low customer satisfaction level (problem) that permeates the global insurance industry. Our VISON is to join the Ethereum Blockchain where we can deploy Distribution, Decentralisation and Disintermediation techniques to create a revolution in the general insurance industry by operating at a higher customer satisfaction level due to the abilities of our progressive software empowered by Artificial Intelligence. Blockchain is the progressive technology that allows Bitcoin to flourish and it changed the way we view money, unnecessary costs, intermediaries, inefficiencies and unrequired delays.
Perhaps spend less money on administration that is not succeeding, less costs on commission that is not helping and invest in the right tools like the open Ethereum Blockchain. Serving the public directly through an open-source, Blockchain distribution platform with AI issuing smart contracts. AI can personalise advice to customers and achieve effective self regulation whilst blowing the whistle directly to regulators on prescribed benchmarks that are missed.
A blockchain has been described as a value-exchange protocol which is a diary that is almost impossible to forge. It is a type of diary or spreadsheet containing information about transactions. Transactions are entered in the order in which they occurred and order is very important in the blockchain. A Blockchain is effective as it is spread over many computers, each of which have a copy of the Blockchain. The Blockchain updates itself every 10 minutes.
Artificial Intelligence (AI) supported by a fully digital infrastructure built on the BLOCKCHAIN enables
Open Insurance envisages an era when data is more freely exchanged for the betterment of all and KEY will support the benefits of a more open environment, for all participants in the industry. Especially the community of consumers. Our project adheres to their Blockchain principals of open and decentralised work as much as Our technology can achieve.
begins by replacing the middleman with Smart Contracts
Unfortunately over the last 300 years, since the days of Lloyds coffee houses, general insurers have not normally been early adopters of change.
The Blockchain use can reduce fraud, thereby lower premiums for honest people with faster claim settlements and more choice of settlement terms including cash. We believe the combination of a profitable insurance business, with growing revenues, offering lower premiums via Our utility platform, might encourage new FIAT customers to consider purchasing KEYis Tokens after Our TGE.
The Mission path towards our Vision must achieve excellent benchmarks to build our community;
- Principles and
As important signposts for good long term results that guide and protect our Ecosystem
Importantly for this MISSION our Founder has already accomplished similar to what we are now setting out to do;
- Commence a regulated insurance entity backed by the world’s largest reinsurers and
- Build a cutting edge enterprise software system
- Improve customer experiences and increase trust
- Automate customer interactions
- Real-time assistance
- Data mining
- Operational automation
- Predictive outcomes
Artificial Intelligence will ensure better risk selection, with fairer and lower premiums for our community.
Have many breakthrough developments where traditional paper contracts become coding that can automate many of their antiquated processes. Traditional insurance settlements are delivered by workers who may have good intentions but could be new or under normal work pressures or subject to workflows that can be horrendous when customers need great service the most. Also after some catastrophic events middle management can be legally delinquent with regulated customer service levels. Whereas a smart contract is enforceable by code, after it is deployed, replicated and then executed on a distributed network of computers called the blockchain. With reasonable limits imposed or nefarious symptoms discovered only a small number of claims may have to be addressed by necessary claims specialists.
- DIRECT fast autonomous service delivery for with customers should raise satisfaction levels
- TRUST immutable records from encryption on a shared ledger for security
- RECORDS parties may remain anonymous on public ledgers as contracts and transactions details are recorded privately and efficiently
- SAVINGS derived from effective processes and the reduction of middlemen fees and commissions
- ACCURACY no mistakes or variations due to the absence of hand filled forms
All of which raises customer satisfaction levels
Replacement vehicles of course
Replacement vehicles included in your policy, when you are clearly not at fault
Most people don’t know that if you’re not at-fault in a car accident, and more than one car is involved, you may have the right to a loan car with the costs covered by the at-fault driver.
A driver who is not at fault in a multi car accident has a legal right to access a similar car until their car is repaired or written off and the claim is settled. However most insurance companies expect the customer to pay for a rental car until the claim is finalised. If they did not originally pay an additional premium for that benefit. Otherwise they must wait for their insurer to recover those costs first, if they can. As replacement vehicle rental agreements can exceed thousands of $ dollars this is quite a financial burden on most people.
For an insurance company that has above average drivers as we expect, with the type of community attracted to our Ecosystem, replacement vehicles should be a lucrative profit centre. Especially as we will often hear about the claim first.
Therefore we will be incentivised to be available for our customers 24/7 /365 as that will maximise the number of cars We can rent out. Interestingly We do not have to beat other insurers to this profitable Return On Investment (ROI), as we believe they show no interest in it. In fact We might even be successful if they want to professionally outsource that part of their claim process.
Finally to improve our Customers’ satisfaction level the replacement car will be brought directly to you. No matter where is convenient to the Customer, home , work or the repair shop, so that acceptable transport is continuously available and of course we will collect the replacement vehicle at your convenience also.
Sometimes things do not go to plan when your dealing with insures who still follow antiquated practices. Catastrophes do happen and that is why people like you and me pay for insurance cover. However when the catastrophe strikes some poorly managed insures probably those most resistant to change become overwhelmed by the sheer volume of claims and the human resources required to adequately process those claims in an fair and prompt manner.
They do not deliberately plan to dissatisfy their customers in the beginning they just fail to plan properly and have inadequate reporting systems that can expose the problem claims before the matters become a problem for both parties.
Approaching insurers who are suffering from their short sightedness is not easy but skilful people who possess the skillset we have can cut through he mismanagement have move claims along or know when to involve the turning of levers and choosing the right ones at the right time is a specialist skill set that we possess.
People always overestimate the speed of technology adoption but underestimate the power of technology adoption
Our Vision is to build a decentralised AI that considers Big Data records, accessed and shared amongst several correlated parties, to determine acceptable risks at fair BUT oprofitable prices. FIAT buyers will follow the more traditional document path whilst Tokenholders will have smart contracts created with their details. Once notified the smart contracts will control claim settlements at a superior speed as per the coded transaction records.
We intend to continue developing Our AI until We achieve a Distributed, Disintermediated and Decentralised Autonomous Organisation (DAO) or as close as is possible within the insurance industry today.
In collaboration with some larger technologies like IBM’s Watson and Google’s Federated Learning we want to participate in building an AI that runs and trains ML models on all devices and expand the use of AI in DAOs on Blockchain networks”.
As We develop Our AI We expect Our insurance offering to be competitively priced and convenient to use. As customers will be able to interact with our AI via their computers or mobile devices 24/7/365. To some policyholders, who have standard risks and experience no claims or straight forward claims only, everything will be handled by our AI as it were a complete DAO.
Our ecosystem will be based upon excellent benchmarks for values, ethics, accountability, principles and integrity.
It will be created by the TGE which releases Tokens that allow holders access to Our KEYis platform. Using an AI platform influenced by many inputs from numerous information data sources that decentralises some of the operating processes. Claims may just be a debit amount to other insurers but in Our ecosystem they can form an important part of a Tokens continuous cycle.
successful marketing should drive curious insurance buyers to Our website at https://keyis.online Where quotes will initially favour KEYis Tokenholders by approximately 15% and FIAT holders will have the choice of paying in FIAT or they can purchase KEYis Tokens from a crypto currency exchange where KEYis Tokens are available. Of course KEYis Tokenholders will be able to access the full Token platform and complete their purchases along with the accompanying benefits of smart contracts and the right to have part or whole claims settled in KEYis Tokens if desired. If claims are settled in KEYis Tokens that will see the movement of Tokens around our Ecosystem. In addition the other planned services, car rentals and claim assistance are envisaged to cause KEYis Tokens to be purchased, if not already owned and be presented to Us for at least part of the services rendered. If the FIAT holder wishes to receive a 15% discount.
IOT and Telematcis + data from anywhere?
In industrial settings, equipment with sensors have been omnipresent for some time, but the coming years will see an explosion in the number of connected devices which may mitigate some insurance claims. Lloyds estimate there might be 25 billion within 2 years, and 125 billion by 2030. A lot of the devices which make up the IOT have the ability to communicate information relevant to insurance matters. Some are obvious but most will be hidden data receivers and emitters. Household entertainment devices, are potential insurance databases even the interactive “Alexa” or such, your car, your boat, your drone, your gaming console, your fitness tracker, and white goods like your refrigerator and more will be added.
Our Tokenomics is based upon the participants in Our TGE, who purchased KEYis Tokens which they intend to use and or FIAT holders buying KEYis Tokens from them at exchanges that form Our own eco-system. Within that ecosystem KEYis Tokens are used to purchase the cheapest possible motor vehicle insurance, replacement car rentals or insurance claims assistance. Some KEYis Tokenholders may also wait for other policies to be released in their jurisdiction. However KEYis Token holders may sell their tokens if We cannot provide an acceptable product or service offering in time. KEYis are Utility tokens, often referred to as user tokens or app coins, they represent access to utilise, all the unique parts of Our future Artificial Intelligence, not available to others.
Circle of Funding
In the long term, free cash flow from Our expanding insurance operations and other products and services should produce sufficient funds to achieve Our Vision.
- 75% Token Pre-Sale
- 15% Advisors
- 10% Accounting, legal & other cost of ico
Use of Proceeds
- 75% Development work and licence
- 5% Legal & Accounting
- 15% Marketing
- 5% Operation
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