Many different types of projects are being developed on top of the Ethereum blockchain as we speak. Umbrella Coin is one of those projects and it has a lot of potential. More specifically, the team is looking into providing the next generation insurance platform. Life will happen in one way or another and being prepared for the worst is never a bad idea. There will also be an ICO for Umbrella Coin in just over four days from now.
Changing the way the insurance industry works will not be easy. In fact, one could argue the insurance industry hasn’t evolved much over the past few decades. Umbrella Coin feels they can certainly make a difference, though. Democratizing the whole insurance claim process and provide policyholders with benefits sounds like a great change. Disrupting the insurance industry will yield some exciting results, to say the least.
Umbrella Coin is an Intriguing Insurance-related Project
No one can deny that particular sector is not as efficient as it could or should be. Moreover, insurance – especially in the US – has become far more expensive than ever before. Blockchain technology can, in theory, solve a lot of these inefficiencies. Addressing hidden costs and making this tool more accessible on a global scale are two potential outcomes. Removing intermediaries from the equation is a bold plan, though. After all, society has gotten used to insurance agents, administration, and letting third parties take care of things.
Umbrella Coin will feature a reputation-based system to improve overall voting engagement. All users can vote on submitted claims. A random sample of users can vote on an anonymous policy. Those with good behavior, get rewarded. Others, who try to game the system, will be punished for their actions. All of this results in preserving the claim owner’s privacy and creating a fair system for everyone. UMC Holders have no incentive to deny legitimate claims whatsoever.
It is important to note Umbrella Coin isn’t just looking at the US market. An international expansion is on the agenda as well. Additionally, they will provide this service for different methods, including healthcare, car insurance, et cetera. They are not an active insurance provider themselves, though, but they will look to complement existing service providers all over the world. It does sound like a great project, and the white paper features more specific details regarding the business model.
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