Safeinsure is a decentralized insurance marketplace bringing equitable price discovery and global access to insurance policy shoppers worldwide. SafeInsure puts power back into the hands of consumers with an honest, accountable, and democratic insurance marketplace on a high-performance blockchain. In a first for the insurance industry, SafeInsure will provide an access point between policymakers and consumers with great modularity and bespoke options in an instantaneous and nearly feeless manner without controlling intermediaries. Using the SafeInsure Marketplace, customers will piece together custom insurance options for themselves according to their needs without having to pay for features and options they don’t require.
With SafeInsure, users build their insurance exactly how they need and nothing they don’t . In practice, the way it works is simple. The user enters the SafeInsure Portal and registers his/hers information. Users can toggle their preferences to construct the insurance product they’ve been dreaming of. Once finished, SafeInsure’s blockchain systems will pass the submitted information through risk assessment. At the end of this quick process, the user’s custom product portfolio will ship out to providers who will compete with each other to deliver the product the user wants at an extremely affordable rate. Insurance products offered on SafeInsure come without the bloat – giving clients a lean product and leaner pricing. After you’ve selected the right policy for you, pay for your policy using the project’s native coin, SINS. Your payment is processed instantly with all of its information posted to the SafeInsure blockchain.
Keeping your information private is a massively important cornerstone of the SafeInsure blockchain platform. Traditional insurance providers take your valuable data and, instead of using it to give you better service, pass it on to third parties who use your data in ways that don’t benefit you at all. In essence, your data providers insurance companies with a second stream of revenue that has nothing to do with delivering better service to you. SafeInsure makes that impossible with the use of masternodes. SafeInsure masternodes are, in essence, decentralized nodes which host a wallet containing a collateralized amount of SINS. SafeInsure masternode operators receive a passive income for accomplishing the work of securing the network. The amount of collateral and masternodes owned determine your ROI.
The SafeInsure platform operates using SINS: an indispensable, protocol-layer coin necessary for every action using SafeInsure. SINS are required for every ransaction and every instance in which a smart contract is executed. Furthermore, asternodes require a collateral held in SINS. SINS are, therefore, integral in the everyday operation of the platform.
It is unclear how exactly “tailored insurance” will work. There are many ifs and buts when it comes to creating your own insurance, and there’s certainly room for exploitation. There’s also no information about the team or their experience in the insurance sector.
Overall, SafeInsurance’s concept is very interesting. However not much has been happening with the development and despite the interesting idea of creating your own insurance, the project does not have a working product at this point.
