|Blockchain protocol for digital insurance||
Insurance for Internet-of-Things using DAO and smart contracts.
|Price||1 ETH = 2300 AIX|
|Hard cap||45,000 ETH|
|Tokens for sale||0|
|preICO start||preICO end||ICO start||ICO end|
|n/a||n/a||2017-11-15 13:00:00||2017-12-15 13:00:00|
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:
- Harness the wisdom of the crowd
- Form prediction markets whose members (token holders) are subject specialists and insurance enthusiasts
- Combine prediction markets with insurance pools
- Use prediction markets to assess insurance risk
- Construct algorithms that price the policy premiums and predict profitability
- Develop a token model that incentivises and rewards members for accurate insurance market predictions
- Create a network effect so that all token holders benefit from the efficiencies of the system, regardless of their individual forecasting success
- Automate through smart contracts
- Create a Decentralised Autonomous Organisation (DAO) that uses smart contracts to connect intelligent devices with insurance policies
- Connect to devices that communicate their need for maintenance or replacement
Automate insurance payouts
- Use re-insurance to handle exceptions
- Automatically sell tokens or issue dividends to keep reserves within target range
- Partner with data providers
- Seek out manufacturers who already collect data on their devices’ operating states
- Collect data from drones and sensors that would help inform insurance risks
- Use device data as intelligence in valuing and creating policies
- Subject to the regulatory environment, encourage third parties to create insurance offerings using the platform
- Cooperate with manufacturers wanting to pre-install insurance policies
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 PRODUCT & POLICY
FULL STACK DEVELOPER
- MVP development v1.0
Ethereum blockchain smart contracts are written to control policy issuance, risk assessment and claim processing. A user interface exists for the insuree to manage all insured devices. Smart device-tracking software use cases are developed for issuing claims automatically.
- MVP development v2.0
Ethereum blockchain smart contracts are updated to deliver prediction market functionality. The user interface allows investors to operate the prediction market, access data, manage their portfolio of investments. Back-end infrastructure is created for off-chain data collection and calculation.
Early stage discussions with IoT device manufacturers and data suppliers.
- Beta version
Public release includes the prediction market platform and several developed insurance products. We have an open beta version of the platform for investors and people to participate in. Reinsurance is integrated, expanding the number of fully autonomous insurance products. A community of smart insurance enthusiasts is starting to assemble.
Strategic agreements are signed with IoT device manufacturers and data suppliers. Widespread publicity is generated around early stage products and the Aigang platform’s use of permission markets.
- Release v1.0
Stable and functioning prediction markets software. The development platform and API are being used by module developers to develop new and improved insurance products. Evidence is emerging of the performance benefits that diverse, well-structured performance markets provide.
Data from IoT devices is integrated and used in insurance policy applications created by Aigang. The first pre-installed insurance contracts go live in partners’ IoT devices.
- Release v2.0
Incorporates machine learning, a real-time pricing algorithm, the analytical platform and tokenised insurance risk pools.
- Release v3.0
Includes a complete insurance investment OTC trading platform. The product development SDK is complete and in widespread use.
- Release v4.0
We’ve created a fully autonomous insurance DAO - a platform for innovation and efficiency. Customers are accessing new and improved insurance products. Some of these have been created by third-party developers, others by Aigang. Customers are using our permission markets to hedge exposure and engineer business results. Experts and insurance specialists are earning rewards through PMs. Actuarial results improve. Insurers are using Aigang to broaden the scope of coverage, increasing the size of the insurance market. Investors are funding new policies, the industry is more dynamic and the platform is flourishing.
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