Taking Insurance into
the Digital Age!
The platform that connects Consumers, Insurers, and Distributors
using Distributed Ledger Technology, Artificial Intelligence and IoT
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.
We use data elegantly in an age where the ability to collect and manage data is getting better, safer and cheaper. The new technologies we apply make for processes that are real time for all stakeholders, provide total peace of mind and protection and cost very little.
We support our clients in building new products and services in a way that allows them to be efficiently managed, fluently and elegantly in real time without almost any human involvement.
Virtual robots that are programmed to the maximum and that operate in real time, fast, efficient, without mistakes.
We provide the connections and interactions between all participants in the process, the data in the process in each and every step of the process, including IoT and API connectivity.
We top it off with Machine Learning and NLP to use collected data to further optimise both processes and process outcomes.
Outcome as a Service: All you, the customer, need is an internet connection to access controls and dashboards to manage dashboards and process parameters.
We operate the entire eco system, with the client at the controls. We take care of capacity, security, speed and reliability.
We offer a wide range of eco systems to meet every type of need.
Eco systems are designed and built around blockchain based assets, data and processes. Let us know what assets are central to your business and let us help you to make your business faster, cheaper and better.
Core to what we do is our belief that traditional technologies cannot provide for today’s requirements of an efficient, flexible, personalised, unobtrusive, fluid, real time insurance experience.
Our “Tech Stack” will be able to do just that. New by design, these solutions have Distributed Ledger Technology (“DLT”) at their core, and draw extensively as well on other contemporary technologies such as Machine Learning (“ML”), Internet of Things (“IoT”) and the ability of DLT to accommodate Smart Contracts (“SC”)
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!
Insurance is a very traditional industry. It knows many manual processes and moves at slow speeds. The customer experience is often lacking and for anyone to claim, effect endorsements or to certify that he or she is insured the industry still relies on paper processes. Although customer interfaces are starting to improve the back-end systems of the industry and their connectivity and management remains very traditional, centralised and expensive.
Insurance is probably one of the better use cases for new technology such as DLT and AI. What is required however is new standardisation. The current standards such as the ACORD standards have been developed for use in a different era and are not designed to benefit from the benefits that current data management can bring the industry. DLT technology will allow participants in the value chain to work of a shared database at much higher speeds, lower costs and an improved customer experience. Metis has designed several insurance products and has implemented several for insurers and other underwriters.
2, Identity Management
Proving one’s identity is a daily activity, but one that most people don’t think about too deeply. For example, online, most sites require some type of login enabling each user to access their account. The username and password are credentials that are supposed to prove the identity and right of the user to the account assets, services and information. Access to a device that can provide online access, such as a phone, PC, or tablet, usually requires some type of passcode, password or biometric identity for access as well. In all these cases, the foundation of online interactions begins with the authentication of digital identity. The basis of most fraud is improper authentication of digital identity.
Blockchain technology provides three special capabilities that enable it to provide a better foundation for identity than current systems. First, all data is recorded on the ledger via a consensus mechanism which enlists multiple parties to verify that the data is correct before it is written. Second, all transactions in the ledger are immutable and digitally signed, which means the records are unchangeable and those who wrote the records are accountable for any issues. Third, the digital, immutable record can be linked to a biometric or set of biometrics (i.e. thumb print, facial scan, etc.) which means that it is unique, easily verifiable, and nearly indestructible.
3, Record Provenance
Official records are important. These include: Government records, Personal records, Land/Property registration, Vehicle registration and more. Each of the original records listed above is at risk of being manipulated and falsified. The major challenge in all of the cases listed above is that a paper-based document is used to transmit some kind of information and identity to the bearer. Because these documents are easy to forge or can be based on real, but stolen documents, they convey significant privileges to the bearer with only a small risk of exposure.
In a blockchain-based system, paper-based documents are replaced with digital documents on an immutable ledger. The immutable nature of the blockchain means that these digital documents are impossible to duplicate or forge because there is only a unique, single record. Additionally, the digital documents can be made accessible by a biometric scan, digital identity or potentially a combination thereof.
4, Asset Life Cycle
Central to DLT are the major assets (and liabilities) in our live. Think of home, car, health, family. These assets are often the subject of extensive value chains with multiple participants. DLT enables to follow any asset from cradle to grave and to record any event that influences the state of the asset in an immutable manner.
Major assets such as cars or electrical equipment and machinery can be put on chain. So can our health record. This will allow other parties to check provenance and state. Ownership and other traits and status can always be clear and made available to authorised parties.
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.