About
Insurance is a means of protection from financial loss. It is a form of risk management and are used to protect against the risk of a contingent or uncertain loss. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. Although, they are crucial and the user takes them to make their future, present protected with uncertain scenarios.
Problems
There are various difficulties which a policy holder has to go through in these insurance policies. Like.
- High charges which are paid, Insurance Policy Administration Charge, Fund Management Charge, Mortality Charges, Surrender or Discontinuance Charges, Premium Sum Allocation Charges
- Also, there is lack of transparency how these insurance companies manage the funds of policyholders. Ultimately, the inheritance of policy is not efficiently delivered to the policyholders who deserve it. Due to these reasons, most people do not consider Insurance as a good investment option. ## What it does Using blockchain, third party interaction and various administrative & Maintenance Charges will be eliminated and automating claims verification can be implemented which will deliver better returns for policyholders together with faster claims and maintaining transparency in system. ## Accomplishments that we're proud of We talked to more 50 people to get idea what are the problems they have when think about doing insurance for their assets. Building the first prototype of Bitsurance is totally dedicated to those individuals who were victim of flaws in traditional insurance system. ## What's next for Bitsurance This is just initial prototype of a product which is going to disrupt a whole industry with a thrustless, secured and Affordable solution for Insurance. Growing the penetration & Accessibility to even the lower section of society. With necessary support we will expanding on some other chains and improving the user experience for the people
Log in or sign up for Devpost to join the conversation.