SafeInsure Business Review: Decentralizing the Insurance Marketplace

Man using a tablet device showing different icons for insurance policies - using SafeInsure Portal to manage his needs.

Decentralized insurance is another rapidly growing DeFi application enabled by blockchain technology. Decentralized insurance cuts transaction costs and claim cycles by eliminating costly insurance assessment protocols and leveraging significant advancements in an automated payout process. SafeInsure is a decentralized insurance marketplace that provides insurance policies to consumers worldwide with fair price discovery and global access. With a transparent, responsible, and democratic insurance ecosystem on the blockchain, SafeInsure returns consumer power to individuals.

Decentralized insurance makes coverage more accessible to consumers who need it and opens up insurance to a whole new category of investors who might reshape the concept of risk capital. This type of insurance is significantly more open. It enables a broader range of investors apart from high-capital investors in traditional marketplaces to participate.

Challenges of Traditional Insurance

In the traditional environment, insurance fraud is not protected by best practices, culminating in artificially inflated rates for policyholders. Claims, reimbursements, and contracts are still handled on paper and over the phone. This results in inaccurate records, lost data, as well as inefficient network operations. These inadequacies and protracted settlement periods are passed on to the consumer, who is charged a larger and higher premium for each error. Consumers are also subjected to:

Friction

The outdated operating mechanisms of traditional insurance cause an unfathomable amount of friction in day-to-day operations. Simply said, when even the tiniest operational elements have even a smidgeon of friction, the bigger processes are guaranteed to be inefficient.

Anyone who has engaged with insurance firms due to collisions, injuries, homeowner troubles, or other terrible events knows how quickly the same firms intended to support us in times of need turn into a source of additional irritation when we need it the most. 

SafeInsure ushers in a new age of efficiency by putting an end to the period of friction. Blockchain irrefutably documents every stage of the claims process and is accessible at all times. This way, if you need to know something about the status of your claim or recollect information from a previous case, you may do it without having to wait for a call that never comes.

No Self-Service

Have you ever wished you could avoid the online queues, skip the call center rep, and go right to the point while seeking insurance information?

Perhaps you’ve long questioned why your insurance plan is separated from you by so much unneeded infrastructure. Typically, your insurer’s web portal does not address all of your needs. It requires you to log in to several sites, speak with support representatives, as well as dig through obscure material on a long-forgotten webpage.

Getting the information you require is one thing; making the necessary changes is another. You can expect an added administrative charge on your next statement since the adjustment you want will almost definitely need someone’s time. SafeInsure brings this vexing chapter to a close with the SafeInsure Portal.

Irrelevance

Insurance companies have a reputation for being irrelevant and out of touch over long periods of time. They don’t keep up with changes over time. As a result, they have no idea what your current needs are. As we go through life, things change. We get older, marry, relocate, retire, change careers, as well as experience unforeseen events. Insurance providers are generally slow to notice these subtleties or do not see them at all.

As a result, traditional insurance becomes increasingly outdated with each passing day. When your coverage is out of sync with your actual needs, hold can reach a point of being irrelevant in some cases. In a way, if your insurance does not address your current life demands, you can become either underinsured or not insured at all.

The SafeInsure Advantage

SafeInsure uses blockchain technology to build a new digital accountability ecosystem for insurance purchasers and providers, ushering in a new age in which its decentralized ledger technology can hold both consumers and providers completely accountable without the use of a middleman.

Policyholder information will be passed to the SafeInsure Platform for risk evaluation. The policyholder customized product portfolio will be sent to SafeInsure’s suppliers at the end of this brief procedure, and they will compete to produce the product consumers want at an exceptionally lower price. SafeInsure’s insurance products are free of exaggeration, providing you a lean product with a leaner cost. 

Consumer-Driven Precision Insurance

We now begin to see the end of an era of paying for one-size-fits-all insurance. With SafeInsure, consumers can build up insurance, including precisely what they want and nothing they don’t. In practice, this works in a straightforward manner. Consumers will register their details on their SafeInsure Portal.

The user can toggle selections to create a policy that fits their exact needs. SafeInsure is currently offering travel insurance policies only and is working to expand with other competitive insurance products. SafeInsure will perform a risk evaluation and send it to suppliers for bidding once they receive a submitted policy request. The result is an offer to accept a policy that is cost-optimized and precisely matched to the consumer directives.

SafeInsure’s blockchain-based insurance plans stay as linked as you need them to be. Toggle the details you’d want your insurance to know using the SafeInsure Portal so that when things change, your coverage does too.

Functional Aspects of SafeInsure

SafeInsure’s user interface puts you in complete control, allowing you to make any changes to your service yourself at no additional cost. How is this accomplished? Blockchain technology has introduced smart contracts.

Consider smart contracts as little programs that activate when specific circumstances perform their intended purpose immediately and without fail. This translates to no downtime and complete dependability when consumers need it most. Other aspects of SafeInsure include:

Masternodes

SafeInsure master nodes store a wallet with a collateralized quantity of SINS. These nodes are responsible for a variety of tasks for securitizing the asset, including:

  • Offering a monetary incentive for node operators by delivering a return on investment (ROI) for affirmed transactions
  • Boosting network transaction speeds
  • Integrating privacy laws in transactions
  • Providing masternode operators with network governance rights

SINS will be demanded as master node collateral since SafeInsure is a masternode-protected blockchain. Because the coins employed as masternode collateral are locked within the operator’s node, SINS are essentially removed from the supply. There are also solid foundations in place to appreciate the SINS value by decreasing supply through master nodes and establishing a high demand on the remaining supply by adopting SINS as SafeInsure’s native currency.

Consensus Mechanism

Decentralized blockchain voting allows for consensus-based enhancement of the present Masternode architecture. This protects the network as well as delivers the functionalities presented by SafeInsure.

Tokenomics

Native Currency Wallet

The SafeInsure coin is the native currency of the SafeInsure marketplace (SINS). All transactions between insurance firms will require SINS. Insurance-related commodities and insurance pools will also need the same. Inside the SafeInsure ecosystem, SINS is the only acceptable currency.

Paying for Insurance

As SINS will be the native currency on the platform, insurance consumers can pay insurers out of their wallets. After choosing the best policy for your needs, you can pay the premiums using SafeInsure’s (SINS) local coin. This immediately completes your payment and the SafeInsure blockchain stores all of the details. You can consider yourself formally insured on the blockchain after the completion of your payment.

Generating Passive Income

For insurance businesses, SafeInsure Masternodes provide an additional investment incentive. They may run their individual masternodes using the SINS tokens they earn from transacting on the decentralized marketplace, creating a secondary passive source of revenue secondary.

Anyone who obtains the required amount of SINS collateral can run a SafeInsure Masternode to generate a passive income. At the time of this publishing, SafeInsure masternodes are yielding a 159 percent yearly return on investment.

Partnerships

Partnerships are the lifeblood of development, but traditional insurance companies are slow to embrace this. SafeInsure is working relentlessly behind the scenes to bring on as many partners as practicable. SafeInsure also provides a marketplace for insurers and investors to compete in a niche packed with savvy consumers. This promotes innovation and downward cost pressures at the same time, keeping the economics in balance.

Conclusion

With an honest, responsible, and democratic insurance market built on a high-performance blockchain, SafeInsure returns power to consumers and attracts new investors. SafeInsure enables an immediate and practically free connection between insurance policy providers and policy holding consumers, with tremendous flexibility and customizable alternatives.

<script charset="utf-8" type="text/javascript" src="//js.hsforms.net/forms/shell.js"></script>
<script>
  hbspt.forms.create({
	region: "na1",
	portalId: "3391851",
	formId: "54aacaa9-7a27-415c-af3e-be912e825097"
});
</script>