I-CHAIN Platform Review: Innovative Insurance Services on the Blockchain

I-CHAIN, a project of Glass Cube Ltd is a platform that seeks to offer reliable, transparent, accessible and affordable insurance services to customers worldwide. What makes them stand out is the implementation of blockchain technology on the platform. The blockchain is an open source technology highly known for its transparency and efficiency. The insurance industry is gearing to enter a whole new phase.

In this article, we will review the I-CHAIN https://i-chain.net platform and its overwhelming benefits to the insurance industry.

How I-CHAIN works

The platform, while making use of the blockchain provides insurance companies with a wider reach of customer base while providing automated transparent insurance services to customers without geographical restriction.

I-CHAIN allows for both start-ups and established insurance companies to publish and sell their products on the platform. Here, insurers will be able to cut operational costs and provide customized insurance products and services at very affordable prices. The reduction in operational costs is a result of the inbuilt functionality on the platform.  I-CHAIN will simplify sign-up processes, decision making, transparency and risk calculations. Common insurance processes and communication channels are also covered by the platform and there will be the possibility of designing additional products using extended processes and channels.

On the platform, users can collaborate with I-CHAIN to launch their own blockchain insurance products at minimal risks.

Small businesses will have the opportunity to provide services such as call centre in a specific language or expertise in certain areas to the users of I-Chain. Individuals can also provide services such as insurance brokerage and emergency commissioning to other platform users.

The platform also provides a marketplace where software developers can sell their applications, products, or services to insurance companies. The marketplace will ensure the affordability of products to all type of customers.

Do I-CHAIN services have geographic limitations?

The blockchain technology, by creating a decentralised structure ensures that the insurance market has no boundary. Thus, I-CHAIN plans to cover the market worldwide. They are creating an insurance platform with a global coverage.

What changes do I-CHAIN bring to the insurance industry?

Being implemented on the raving technology of the moment, “blockchain”, I-CHAIN introduces an entirely new structure and so much benefit to the insurance industry. Note that the I-CHAIN is built on the Ethereum blockchain, just like many other new blockchain products in various industries.

  • Decentralization: Centralization has always been accompanied by great risks such as lack of transparency. However, with the I-CHAIN platform built on the blockchain, it will be easier for insurers and customers alike to know whether or not a claim has been made. This will put an end to legal cases between the involved parties.
  • Competition: There will be healthy competition for customers among insurance companies. As a result, insurers will provide better service and deliver better products. The customers equally have a surplus of options to choose from depending on their needs.
  • Scalability: Data will be properly managed since it’s an infusion of their platform and the blockchain technology. There is enough space to accommodate clients and bring different sectors into the mix.
  • Saves time: the platform saves time in the sense that insurers can focus on other important logistics since the platform amplifies their products. They do not have to build from scratch nor have blockchain expertise.

Platform Architecture

As written by Sergey Chekriy, the Chief Technical Officer of the platform, I-CHAIN consists of 4 layers which are simplified below:

  1. 1. Ethereum Network: The Ethereum network holds smart-contracts related to insurance products.
  2. 2. Product logic backend: Product logic backend holds insurance products, implemented as micro-services.
  3. Processing layer: The Processing layer is the core of the platform which consists of specialized CRM, BPM managing insurance processes and specialized services for Insurance. The key component here is Insurance Services which are used by CRM, BPM and product layer.
  4. Channels: This is the User interface layer, where the user can be a person, company, IOT device, or partner. Person – site/mobile apps Company – B2B portal, API IOT device – IOT device interface, API Partner – API.

How do customers and insurers invest or get access to this platform benefits?

Currently, the I-CHAIN platform is offering tokens for public purchase via ICO – initial coin offering. Individuals buy these tokens in anticipation of a rise in value and for use on the platform.

The I-CHAIN offers 2 types of token. The ICHN, Utility token, and the ICHNS, Security token.

ICHN, Utility token: The ICO of the Utility token has been on since 17th May 2018 at a rate of 0.1ETH. Users cannot make use of the platform without the Utility token. Being the only option available to run an insurance company on the platform, it is expected that demand for the Utility tokens will rise radically during the current ICO Sale. Also, the value is expected to rise up to 10% of the regular price of starting up an insurance company. 1 ICHN will be used to provide service to 1000 customers.

The only 5,000,000 Utility tokens will be offered to the public via ICO. There will be no issuance of new Utility tokens after the sale.

In comparison to the traditional approach of running an insurance business which is usually capital intensive, making use of the ICHN tokens on the platform will reduce the cost of owning and establishing an insurance business.  

ICHNS, Security token: Glass Cube Ltd plans to issue Security tokens which will be listed on exchanges. Owners of these security tokens will also benefit from dividend sharing on the platform. The Sale of Security tokens will commence on 17th November 2018 and end on 1st March 2019.

However, if you purchase Utility tokens before 31st October 2018, you will be allotted an equal number of Security tokens after the ICHNS public sale on 2nd March 2019. i.e. 10 Utility tokens= 10 Security tokens. Through this, Glass Cube Ltd intends to appreciate and encourage users on the platform.

Only 5,000,000 tokens will be available for public purchase during the ICO. There is equally an anticipation of rise in the value of Security tokens. There is a limited supply of both Utility and Security tokens and no new tokens will be issued afterwards.

  • Token: ICHN
  • Token protocol: Ethereum
  • Exchange rate: 1 ICHN = 0.1 ETH
  • Accepted payment method: ETH

To facilitate communication with team members, the I-CHAIN have created a telegram group. Here is the link: https://t.me/joinchat/F462i0nPobK18q8qvJdubA. There, you can ask questions directly and get a swift response.

Angela Scott-Briggs: Editor : Over 15 Years Experience of Working in the Business Sector | Interested in Innovations in Business and Technology .
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