INSCOIN

Insurance policies-

I've been a kid who would always go near the television set to watch shows. My mom would always tell me to stay at least 6 feet away from the television but I never heeded her words. In the classroom, I used to have problems while seeing the blackboard. My teacher thought because it was due to the improper light reflection from the board. I couldn't distinguish people from far off. At a very late stage of my life I realized that I had myopia and I need glasses. I used to hate them. I was tagged as a nerd, with my love for literature adding fuel to their assumptions. I avoided wearing glasses to social events and that lowered my self confidence.

My eye power kept increasing and it affected me mentally. On further diagnosis, we got to know that it was a childhood defect, and my eyes were myopic from very early stages of my life. I researched and found out that there are many options to get rid of glasses but they were quite expensive. Assuming our family insurance would cover them, I went ahead to the surgery. To my horror, I got to know that Lasik surgery is considered as a cosmetic surgery and thus wasn't covered. Insurance companies do not have clear cut policies and their distinction of diseases is very vague. I have personally been a sufferer to this.

Brief History-

The need of insurance arose in the early 13th century where trade was an important form of employment. There was a necessity to transport goods from one place to another via ships. During those periods, ships were not very effective against storms and sea related accidents. Pirates thrived the waters and often plundered and stole good from ships. The merchants and traders used to distribute their goods in multiple shipments, so as to not suffer irreversible losses. This was slow and expensive.

Thus, the insurance contracts to transfer risk factors to an external source gained popularity. Insurance companies became an integral part of businesses and international trade. As time progressed, these companies became centralized and increasingly profit centred and had clever schemes that lured customers to pay premiums that might be more than the returns a customer gets when he needs them.

Demerits-

Insurance companies convince us to get an insurance with their persuasive skills but they have hidden loopholes which they try to wriggle out from when the time to cover our required charges arrive. Very well read businessmen who have experience in such areas also fall in trap of the lucrative and eluding schemes. Insurance industry, though meant for our well being is a profit seeking industry.

It tries to maximize its benefits at the cost of the people trusting them. So people who belong to the lower strata of economic classes are the ones who suffer the most. They are too afraid to rely on insurances that might cheat them of their hard earned money and offer no benefit to them in return. Furthermore, the time duration between the emergency and the receiving of financial aid is long due to lengthy paperwork and confusing procedures.

Inscoin-

To mitigate such issues, Inscoin, integrated with blockchain and smart contracts decentralises the insurance industry and makes getting an insurance an easy task. With blockchain, there is transparency, security, trust and safety. It ensures that fraudulent practices are nullified. With smart contracts, people and insurance companies get a clearer picture of what they're are signing up for, and are bound by the contract to the agreements thus signed.

People who are not very aware of tricky agreements and terms of policy can also access insurances with ease. The platform also speeds up the entire process of getting required funds in the times of need as there are no lengthy procedures to follow. The ecosystem has Inscoin token as the internal cryptocurrency and transactions take place through that digital currency.

Conclusion-

Inscoin is an effort to make insurances an approachable platform for everyone so that people can be assured about their well being. With a great idea and competent team, it will soon see huge success.

Website - https://inscoin.co/

Whitepaper - https://inscoin.co/#whitepaper

ANN - https://bitcointalk.org/index.php?topic=4422850

Telegram - https://t.me/inscoinico

Author (Beat Putih) ; https://bitcointalk.org/index.php?action=profile;u=1953434