Insurance – Payment of Compensation in Cryptocurrency

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.

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.