We are transforming Insurance. Again.
Many Insurers are exploring block chain and smart contract supported products. Yet an ecosystem is still missing. An ecosystem that can bring these policies to the market in a convenient, consistent, and coordinated manner.
This is where Inmediate comes in. We will provide the Insurance industry with that ecosystem where smart Insurance can be transacted at lightning speed, full clarity, and at much lower costs than ever imagined.
We’ve transformed Insurance in the past. And we are ready to do it again.
It has always been our goal to enable customers to make good choices when buying insurance; providing them the convenience to do it in a simple, quick and carefree way while getting the best value for money.
Our motto is “insurance anywhere, any time, any way”.
In 2016 we launched Insurance Market, a full-service online broking platform that guides customers through the jungle of confusion often surrounding insurances.
The Inmediate eco system aims to contribute further to the realisation of our philosophy. Not to disrupt the insurance world, but to make it work to the best of its ability.
The eco system and associated network brings customers, (re)insurers and distributors together in one place and lets them transact smart contract based insurances. It fosters the effective workings and development of smart contract based insurances.
What Insurers will do on the network
Insurers on the Inmediate network will design, price and publish new types smart contract based insurance products and offer promotions and loyalty programs. This type of insurance and the use of the Inmediate eco system will help them save substantial costs.
They will have to comply with the Inmediate common standards so that products are safe, fair, sound and clear. The eco system will also check that they can meet their financial obligations.
What insurance customers will do on the network
Customers can place insurance orders via multiple points of sale either directly with an insurer online or through point of sale connected devices and applications.
The eco system will ensure safe customer data management while maintaining a good balance between personal privacy and the need to share information for underwriting purposes.
Customers will have their own management panel to buy and manage coverage and a kick-ass shared loyalty program
What distributors will do on the network
Distributors are the “gateway” of the system for consumers. This is where consumers can transact. Either assisted or unassisted. We distinguish:
- Licensed distributors (for example brokers and financial advisors)
- Unlicensed distributors (for example aggregators, airlines, travel agencies, shops, telephone companies, etc.)
Distributors can integrate the smart contract based insurances with their applications using Inmediate’s API connectivity and process sales real time and get paid instantly without the need for post transaction reconciliation.
Smart contracts are self-executing contracts with the terms of the agreement between insured and insurer directly written into lines of code. The code and the agreements contained therein exist across the distributed, decentralised blockchain node network, making them immutable.
Smart contracts permit transactions and agreements to be carried out among disparate, anonymous parties without the need for a central “trusted” authority or external enforcement mechanism. They also render the transactions traceable, transparent, and irreversible.
Blockchain and smart contracts provide the tools and framework to create new generation insurance products that are cheap, fast, clear, automated, instant and unbundled.
Inmediate provides the ecosystem and market place where supply and demand sides can engage in “trustless” insurance and trading transactions.
With the inmediate network comes the Direct Insurance Token or DIT for short. The DIT token is used to power the inmediate network and works as a means for insurers and distributors to pay transaction and access fees or to reward customers. It is also used to manage entry criteria for insurers and distributors such as brokers.
Tokens are used for example for:
Transactions – consisting of API calls, financial settlement and customer fulfilment
Registrations – insurer and product registrations on the network
Analytics – purchase of network analytics
Settlements – for financial settlement and clearing of transactions
Loyalty Programs – rewards for customer loyalty
Feedback programs – rewards for customer feedback
Data access e.g. Oracle / Database / IoT connectivity
Technical or consulting assistance
Software as service platform connections
Benefits for customers
Lower insurance prices
Better tailored insurance around actual needs
Improved trust in insurance
Ability to build up a reliability track record
Ability to get loyalty rewards
Benefits for insurers and re-insurers
Reduction in operating expenditure
No distribution capex required
Always real-time data
Financial settlement automated
Positive brand association
Easier product customization
Better customer experience
Reduced time and costs for time to market
Modular products and bundling
Cross border products
Increase in traffic
Benefits for distributors (online and device connected retailers)
Ability to serve customers better
Ability to generate additional revenue
No investment in sourcing product
Platform as a service
Access to product from all insurers
Full suite of products
Cross border products
Integration of the Inmediate network by using APIs
How “Smart Insurance” works
There are many use cases one can think of, but here is a simple example.
Let’s say you book a ski trip to Japan to enjoy that long-awaited and well-deserved vacation. You decide to book snow insurance just in case. Using our solution this would be as simple as firing up your insurance distributor app, receiving offers, selecting the one you like and … done! It is as simple as that. But when you get there, lo and behold, there is no snow! With your smart “no snow” policy you get paid automatically without even having to submit a claim, thus you’d have some money in hand to make the most of your vacation. No more paperwork and chasing of your insurer!
A few more types of insurance that would be interesting candidates for “smart insurance”
Infectious disease vaccination insurance: Insurance that after being vaccinated an infectious disease will not be contracted.
Dreaded and unpredictable illness or incidents
Specific assets insurance (e.g. telephone)
Flight and/or Baggage Delay
Weather insurance for holidays, crops or (special) events
Availability insurance e.g. No transport availability insurance (can be (partly) underwritten by network operator)
Package delivery insurance (against delayed delivery or returns)
Replacement insurance e.g. broken battery, broken glass
Warranty type insurance
Parametric “Acts of God” such as hurricanes, earthquakes, floods, other environmental conditions
Meet our team
Otbert is Co-founder and CEO of Insurance Market. He is passionate about making insurance more readily available in a simple, reliable, cheap and transparent way to anyone, not bound by place or time. He has spent the last 4 years building Insurance market after a range of international senior positions in ABN AMRO Bank and having been a partner at PwC.
Nelius is a former Standard Chartered executive. For the 5 past years he has executed large strategic projects for insurance companies specifically focusing on sales and distribution models with a key focus on digital strategies and new technologies. He has also worked with a number of fintech and e-commerce companies to help them prepare their business models for investors and assist them in their expansion.
No stranger to the world of finance and insurance, Yi Sheng started his career as a young high potential in OCBC Bank in Singapore and co-founded ClearlySurely, a life education blog, in 2015. Yi Sheng has since gained recognition for producing superb educational content about Life Insurance. Clearly Surely is IM’s knowledge and content partner, along with other initiatives.
Kum Seng Wong is a one of the founders of Insurance Market Group. His experience is in capital and credit markets. His working experience includes many international financial institutions and corporates such as Citibank, ABN AMRO Bank, Standard & Poors and Lenovo Group. In IMG he is responsible for Compliance, HR and Finance
Jeremiah Tan is the Chief Operating Officer and Co-Founder at Insurance Market Pte Ltd. From the inception of Insurance Market, he has built the rating frameworks centred around the analysis of insurance products, giving him an unparalleled understanding of insurance policies and their details. His experience on the subject matter coupled with his understanding of smart contracts make him a key resource to the Inmediate network.
Rahul is the Lead Architect with 13+ years of tech experience in Insurance and Finance Domain. Formerly worked with Global Investment Banks like Standard Chartered Bank, DBS and Barclays. He is passionate about emerging technologies like Blockchain, AI and IOT. He is responsible for Design and Architecture of Insurance Platform on Blockchain, deciding the technology stack , understanding the bigger picture and pain points of existing systems, creating solutions & suggestions for the same.
Jeremy Gill analyses insurance products to the bone and conceptualises user flows and processes, including regression analyses on premiums and coverage provided by insurance companies. He is responsible for interpreting data, analyzing results using statistical techniques, developing and implementing data analyses, data collection systems and other strategies that optimize statistical efficiency and quality, acquiring data from primary or secondary data sources and maintaining databases. He is excited to be part of something revolutionary that will drastically alter the insurance landscape in the years ahead.
Nix Yap is our Business Analyst who looks after requirement analysis, assisting with business case planning and monitoring. He uses his knowledge to drive the design or review of test cases, process change requests and manage a project’s scope, acceptance, installation and deployment. He monitors performance and generate sales reports for management. He likes to work at Inmediate because it is make up of many innovative employees who always strive to simplify extremely complicated matters and make it user-friendly for the public. It offers great environment to learn and grow.
Franklin Joseph is instrumental in building innovative applications, solving complex issues, designing insurance related data model, maintaining the integrity of the e-commerce platform, server management, building consensus protocols, conceptualising and documentation, modelling and translating conventional insurance policies into smart contracts are some of the responsibilities at Inmediate.
Peter has researched over 200 token sales in depth to determine what makes a token sale successful. His background is in IT and finance and he has a general interest in everything relating to blockchain. He has knowledge of both the technical workings of the blockchain as well as the token sale dynamics. Currently, he puts this knowledge to good use at Inmediate guiding the token sale.
As a fully certified project manager, Bas has a lot of experience in managing IT projects in several industries. Today, he combines his entrepreneurial spirit, passion for high tech solutions and project management talents by actively supporting several ventures to create a better functioning world, while having fun at the same time.
Max is a co-founder at Anquan Capital and Zilliqa Research, both based in Singapore. Anquan is creating deep technology ventures in cyber security and private blockchains. Zilliqa is a high throughout public blockchain, launched in early 2018, that is ranked at number 41 in the world’s top 50 crypto currencies list. Max is a long-standing entrepreneur and investor in the Fintech space.
Currently serving as the Chairman and Managing Partner of Golden Peak Consultancy where he creates bespoke investment strategies for a variety of SME’s and HNWI’s. Additionally, he is an active Angel Investor in the Fintech space. Prior to the founding of Golden Peak, Tomas completed a 25-year career in Consumer Insurance, the last 20 of which have been based in Asia with postings in Hong Kong, Tokyo, Shanghai and his new permanent home, Singapore.
Tomas spent 9 years with Prudential UK Plc in a variety of executive roles in both the Asai Regional Office and the Singapore business as Chief Marketing Officer, Chief Partnerships Distribution Officer and, ultimately, as Chief Executive Officer and Executive Director. Prior to joining Prudential, Tomas was the Executive Vice President, International Personal Lines for ACE Insurance (now Chubb) and has experience with Regional Leadership roles for AIG in Tokyo and Hong Kong.
Hans is an accomplished CEO with a career span of over 25 years in financial services across three continents; Latin America (4), Europe (6) and Asia (15). The last twelve years he has been based in Asia focusing on wealth management solutions for ultra-high net worth families. He successfully led cross-functional and multicultural management teams at ABN AMRO, Merrill Lynch and Credit Agricole Private Banking. Hans is an experienced change manager who led several complex transition periods, both rightsizing organisations as well as M&A transactions.
Since 2017 he is acting as an independent advisor to Asian business families, thereby holistically addressing intergenerational wealth planning.
Dick is a corporate entrepreneur with longstanding +30 years experience in building brands and businesses through innovation and creativity. He has done so for both blue-chip global brands, incubators and startups. He has operated Globally, Regionally and locally, having lived in various countries including a long-term stay in China. His hybrid cultural background makes him a quintessential global citizen and change agent. He joined Dentsu as the first non-Japanese head for Dentsu Asia in 2012. Following the acquisition of Aegis he became the CEO for the combined Dentsu Aegis Network in South East Asia which doubled through a combination of acquisitions and organic growth to +4000 people. Most recently he became the first non-Japanese Global President of Dentsu’s global creative agencies
Yen is an insurance industry veteran who held various senior appointments at Aviva Asia as CEO in Indonesia, Malaysia and business development head for the Asia Pacific region.
Currently, Yen is a senior consultant to various insurance and re-insurance companies and on the board of ReMark International, a subsidiary of Scor, a large re-insurance company.
- Onboarding of additional insurance partners
- Publish decision on first 3 Proof of Concept (PoC) Products
- Create 3 prototype smart insurance products
- Publish Eco-System functional design and specification document
- Complete 3 POC products design, underwriting and pricing guidelines
- Publish whitepaper with legal, operational and regulatory review
- Development of network of oracles and interfaces
- Effect token exchange from Ethereum blockchain to Zilliqa blockchain
- Complete settlement functions of the smart contract
- Complete distribution platform coding and connectivity
- Publish MVP Products
- Publish whitepaper on dApp functionalities
- Complete prototype dApp
- Design customer loyalty program
- Build, expand and onboard distributor network(s)
- Complete monitoring & trigger function of the Smart Contracts
Q3 2019 – Go Live
- Technology – Network up and running
- Complete Eco-system element integration & testing
- Presentation & Marketing of initial products to distribution channels and public
- Commerce trial period for 3 MVP products by insurer
Interested in meeting us? We invite you to come look us up at the following events where Inmediate will be present:
There are no upcoming events.
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