Long ago, ancient merchant ships trading the seven seas would pool resources together to cover one another if that one of their ships would sink and lose its cargo. This archaic form of insurance is still in effect today, and the vestiges of these old policies are seen everywhere. Best practices protecting against insurance fraud are absent, resulting in artificially high premiums to policy consumers. Claims, payments, and contracts are all still done on paper and by telephone resulting in erroneous information, lost data, and network inefficiencies. These inefficiencies and long settlement times are all passed down to the consumer who pays a higher and higher premium for each mistake.
The introduction of blockchain technology means these remnants of the past can now stay there, and with SafeInsure, the insurance industry can finally evolve. SafeInsure harnesses blockchain technology to create a new digital accountability network for insurance buyers and providers, initiating a new era in which our distributed ledger technology can keep both consumer and provider utterly accountable without the need for an intermediary. With transparency, honesty, and accountability guaranteed by an intermediary-free network, the SafeInsure marketplace can bring competitive price discovery and modular insurance plans to consumers worldwide.
SafeInsure Android Mobile Wallet application is meant to bring people closer to SINS mass adoption and this way we will get closer to our objectives.