What is InsCoin for Knox?

The KNOX project will be the first insurance company that merges the real world with the digital one using Blockchain technology, creating the most efficient and advanced structure in the sector, to find a solution to the problem of certification and anti-forgery of insurance policies. ‍

The insurance policies issued by Knox Insurance will be both in traditional paper form and in the form of smart contracts, allowing the customer to monitor their policies in real time, in full transparency and safety. Thanks to the platform developed by knox insurance, the policies will evolve to become fully automated and eliminate any possibility of conflict of interest between the parties involved.

Insurance companies will be established in Lisbon, Dubai and the Bermuda Islands, to allow Knox insurance to operate in different legislations and allow a token economy on a global scale.

Why can the Blockchain change the Insurance Industry?

For Costumers

• The Smart Contract Prevents the Diffusion of Fraudulent Insurance Policies Because It Is the Same System That Will Issue Them After Receiving Payment
• The Customer Has Total Control of the Insurance Policy Written on the Blockchain, Checkable by Anyone at Any Time.
• The Customer, Through the Web and Mobile Platform, Can Access All the Company's Services and Verify His Policies.

For Insurance Company

• With the Smart Contract, There Will Be No Delays in Collecting Premiums, This Will Significantly Improve the Company's Cash Flow.
• Thanks to the Blockchain a Fraudulent Policy Can Never Be Charged to the Company.
• Blockchain Improves Operational Processes and Ensures a Totally Unassailable Security System.

For Brokers

• Earning Credibility in Front of Policy Holders and Beneficiaries.
• Instant Check of His Admin Port.
• Immediate Allocation of Commissions.

Deflation Plan and Token Economy

15% of the supply (Broker WholeSaler reserves) will, at the end of the ICO, be temporarily blocked by a smart contract for 1 year.

Starting from this basis we have foreseen a further controlled reduction of the working capital based on the sale of insurance policies.

The collection of premiums in inscoin is articulated like this:

For premiums < $1’000’000 1% must be paid in INSC

For premiums < $100’000 3% must be paid in INSC

For premiums < $50’000 5% must be paid in INSC

For premiums < $10’000 10% must be paid in INSC

For premiums < $ 500 20% must be paid in INSC

The inscoin collected per single policy, as soon as received by the company, will be blocked by a smart contract for a period of one year. After this, they will subsequently be released at a quarterly rate of 25% of the total received and used to support the increase in turnover of the three companies and ensure a healthy token economy.

All the funds mentioned above will be blocked by smart contract.

The INSCOIN collected per single policy, as soon as received by the company, will be blocked by a smart contract for a period of one year. After this, they will subsequently be released at a quarterly rate of 25% of the total received and used to support the increase in turnover of the three companies and ensure a healthy token economy.

The other blocked reserves do not fall within the "Deflation plan". To favor the investor, 10% (Team and Advisors) will be blocked for 1 year, 9% (guarantee fund of the 3 companies) will be blocked for 3 months, after which 10% of the fund will be released each month, 10% (Broker Network partnership, Insurance advisor and legal) will be placed on the market in instalments of 8% each month.

Token Sale

Our Partner 

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