- 15 Nov 2017
- 15 Dec 2017
- $45000k ETH USD
About the project
With smart contracts and a tokenised system that assesses risk, Aigang is building a platform for autonomous insurance, usable by any manufacturer or insurer. Here is the pathway to that: Harness the wisdom of the crowd Form prediction markets whose members (token holders) are subject specialists and insurance enthusiasts Combine prediction markets with insurance pools Use prediction markets to assess insurance risk Construct algorithms that price the policy premiums and predict profitability Develop a token model that incentivises and rewards members for accurate insurance market predictions Create a network effect so that all token holders benefit from the efficiencies of the system, regardless of their individual forecasting success Automate through smart contracts Create a Decentralised Autonomous Organisation (DAO) that uses smart contracts to connect intelligent devices with insurance policies Connect to devices that communicate their need for maintenance or replacement Automate insurance payouts Use re-insurance to handle exceptions Automatically sell tokens or issue dividends to keep reserves within target range Partner with data providers Seek out manufacturers who already collect data on their devices’ operating states Collect data from drones and sensors that would help inform insurance risks Use device data as intelligence in valuing and creating policies Subject to the regulatory environment, encourage third parties to create insurance offerings using the platform Cooperate with manufacturers wanting to pre-install insurance policies The global IoT insurance market is expected to be worth USD 42.7 Billion by 2022 and we are positioning ourselves as a significant innovator in that space. We have demonstrated a proof of concept with working apps, integrated feeds from data suppliers, all required algorithms and business logic. We now require funds to build a fully operational platform, develop partnerships with data suppliers, extend our organisational infrastructure and promote the platform on an appropriate scale.
MVP development v1.0
Ethereum blockchain smart contracts are written to control policy issuance, risk assessment and claim processing. A user interface exists for the insuree to manage all insured devices. Smart device-tracking software use cases are developed for issuing claims automatically. Blockchain environment: Ethereum Testnet Status: This work is completed and Proof-of-Concept apps can be downloaded from aigang.network/#section-downloadapp.
MVP development v2.0
Ethereum blockchain smart contracts are updated to deliver prediction market functionality. The user interface allows investors to operate the prediction market, access data, manage their portfolio of investments. Back-end infrastructure is created for off-chain data collection and calculation. Early stage discussions with IoT device manufacturers and data suppliers Blockchain environment: Ethereum Testnet Status: This is work in progress and early alpha can be accessed at investment.aigang.network.
Phase 3 Public release includes the prediction market platform and several developed insurance products. We have an open beta version of the platform for investors and people to participate in. Reinsurance is integrated, expanding the number of fully autonomous insurance products. A community of smart insurance enthusiasts is starting to assemble. Strategic agreements are signed with IoT device manufacturers and data suppliers. Widespread publicity is generated around early stage products and the Aigang platform’s use of permission markets. Blockchain environment: Ethereum Mainnet Status: Completion target is Q1, 2018
Insurance product manager
Tech lead and smart contracts developer