Blicico is a platform aggregator which will unite participants of the insurance market in various spheres, i.e. starting with life insurance. Blicico will help to change subjective assessment of risks and insurance premium to the objective and more equitable model due to the use of blockchain technology.
The implementation of Blicico aggregator will make it possible to pay the insurance premium exactly at the moment when it is mostly acute, and insurance companies will be provided with accurate and relevant information on insured persons and assets.
Blicico platform will include aggregators of life, freight and taxi passenger insurance, as well as specialized modules of life insurance. Each of these tools will significantly reduce the amount of insurance premiums and make the process of policy choice much easier.
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Subjectivity of the Data
The insurance companies assess risks based on internal models and formulae, and they usually overestimate the risk assessment in order to avoid potential losses. Any assessment of the risk concerning a particular insured person is subjective, because the insurer has no opportunity to monitor the client. At the same time customers provide false information themselves when entering into a contract.
The use of increasing indices serves as a good example of inefficiency of insurance premium calculation. Indeed, if the client’s activity or hobbies are connected with an increased risk, the insurer usually increases the amount of the insurance premium in general, even if the increased risk has an incidential nature.
Risk of Fraud
The annual loss caused to U.S. insurers by fraud is equal to 80 billion US dollars which means 10% of all insurance payments according to evaluation of US Coalition Against Insurance Fraud.
- Fight against fraud.
- Exclusion of brokers.
- Reduction of insurance premiums.
- Consideration of insured events within a short period.
- Easy access to acute information.
- Reduction of administrative costs.
- Reduction of human factor influence.
- Experts’ fairness guarantee.
- Making the process of agreement conclusion easier.
- Change of Blicico insurance terms and conditions online.
A life Insurance Platform
More than a half of the world insurance market refers to the life insurance sphere: the total number of received insurance premiums made up 2.56 trillion U.S. dollars in 2016.
The calculation of risks and relevant premiums is one of the key problems of life insurance industry. The number of variables included in the calculation is extremely.
Taxi Passenger Insurance
Blicico development of the economy of shared use (shared economy) and mobile applications have created a real revolution on the taxi market. The occurrence of such taxi aggregators like Uber and Lyft has seriously challenged traditional taxi services with their dispatchers. According to Statista assessment the global profit of the aggregators will be more than 59.6 billion US dollars in 2018 and it will continue to grow up to 16.3% at average per year till it reaches more than 109 billion dollars in 2022.
The volume of the world market of automobile cargo transportation is estimated at present at nearly 3 trillion dollars and it will grow up to 4 trillion dollars by 2021 according to experts’ forecasts. Automobile transportation is equal to 80% of the total logistics market in the United States; 54% of them are professional logistics companies, while 46% own trucks of distribution companies such as Amazon and Walmart 21. 78% of the tonnage of all cargoes are carried by trucks in Europe.
Blockchain Technology Use
As it has already been mentioned in the first Chapter, the Blicico blockchain technologies can create the greatest benefit in those industries where it is necessary to verify the objective data, to reduce transaction costs as much as possible, to exclude brokers out of the system and to eliminate the human factor. Insurance is exactly the industry which is needed, and the benefit of decentralized system implementation on the insurance market can be overwhelming.
The users can promtly and easily upload scanned documents to be stored in the personal account. Thus, it will not be necessary to provide documents again in case of changing the insurance company, and the conclusion of the insurance contract will be reduced significantly.
The policyholder, insured persons and beneficiaries will be able to link their accounts to ensure that all participants concerned simultaneously receive a notification upon occurrence of the insured event.
Easiness of the Insurance Company Change
The minimum contract period will be valid from one hour in Blicico platform modules, where one should pay only for a risk. Thus, the user will be able to change the insurance company every day or to insure himself or herself in the periods strictly determined by him or her.
The innovative insurance products will be implemented on Blicico platform that meet the needs of digital business.
Marsel Karamullin, Founder
Dinislam Islamov, CEO
Pavel Kurkin, CCO
Denis Bredikhin, Chief Blockchain Officer
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