Insurance – Payment of Compensation in Cryptocurrency

Payment of insurance benefit in cryptocurrency to the insured’s cryptocurrency wallet, done in an automated and decentralized manner, so that the payment process can be neither affected nor prevented by anyone.

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Disadvantages of the existing model

It can take up to few days for bank transfers to arrive

Payments can be limited by national borders

The bank charges a fee for effecting payment

New model

Upon the completion of data processing, the smart contract makes a decision regarding payment/non-payment and the amount of compensation. The accumulated insurance premiums are deposited into a special technical account. Compensation is paid in cryptocurrency from the insurance service technical account directly to the insured’s wallet, thus, by passing intermediaries. The insured can easily check whether or not the funds have been really paid.

Advantages of the new model

Insurance benefit is paid in a decentralized manner. Neither party is able to affect the process and breach the existing agreements.

The insured can rest assured that he or she will receive the awarded insurance benefit. The failure of some of the network nodes will not prevent a payout.

The insured receives cryptocurrencу and not fiat money, which reduces the likelihood of foreign exchange losses (an optimal exchange rate is selected automatically).

Insurance benefit can be received regardless of geographic location. Business logic and transfer system operates in the global network.

Insurance benefit is credited to the insured’s account almost instantly.

It is easy to check whether or not the insurance benefit has been paid.