I-chain idea is to build a global platform that will make insurance more fair and affordable, will allow customers worldwide to get insurance products at least at a 30-40% lower price by using blockchain, AI and big data.
Insurers (partners) can publish their products on the Platform, customers can buy and use these products. Platform will cover common insurance processes (i.e. sales, claim processing) and channels of communication (website, mobile application). Also it will be possible to design additional products with extended processes and channels and place these products on marketplace for Insurers to acquire and use them for their business expansion. Risk pools will be created to cover insurance risks and there will be possibility to invest into Risk pools.
The Platform will resolve many issues:
- Scalability issues will be resolved by the fact that blockchain layer will be used by portion of data when it is only needed, parts of data needed for insurance companies will be located on our platform.
- Platform will shorten time-to-market, insurers will not need to build their solutions from the scratch, platform will provide them framework and will not require deep expertise in blockchain to start sell “ic insurance” products.
- Common platform will also help to resolve common regulatory issues, as it will lobby interest of all industry players and their customers.
- I-CHAIN Platform will make it possible for individual insurers to compete for customers, offering a range of custom products they will set up with products constructor.
- Platform will also allow the industry as a whole to streamline its processing and offer a better user experience for customers who have to make a claim.
You can find more information in I-CHAIN Whitepaper.
Since 2018.05.17 Utility Tokens, ICHN, are available for purchase via ICO. ICHN rate is 0.1 ETH.
In 2019 Glass Cube Ltd. company schedules to issue security tokens, ICHNS. They will be freely listed on the exchange. Their owners will have the right to derive profit when distributing profits from the platform activities.
Security tokens’ planned cost after registration of their release will be 0.2 ETH (twice as much as the utility rate of ICO token – 0.1 ETH). Everyone who bought utility tokens before October 31, 2018 will be provided by Glass Cube Ltd. an equal quantity of security tokens as an encouragement for cooperation in the platform crowdfunding. In other words, if you are the owner of 10 utility tokens before the above date, we will give you 10 security tokens immediately after their release registration.
The number of both utility and security tokens is limited.
As utility token enables to organise own insurance business as soon as platform starts to function value of utility token can grow up to 10% of “regular” insurance company start-up costs for license and software (for 1000 customers).
For example: depending on a country in order to organize a company for 100000 customers an average license and software cost can be about $5 mln, at the same time 10 Utility tokens are enough on I-CHAIN.NET. Based on that Utility token value: 10%×$5 mln/10 = $5000. It is current estimated “ceil” of Utility token value.
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