15 Insights on Umbrella Coin ICO
17 August 2017 Posted / 8545 Views
Umbrella Coin is the next generation platform for insurance, which is built on the Ethereum blockchain. The main aim is to give worth to the policy holders with remaining benefits when life events happen.
Umbrella Coin is creating a model or platform to provide risk management for people and businesses. Their solutions will be based on a decentralized and blockchain platform to keep away from the fees and management costs connected with traditional insurance companies.
The maximum benefit a user will be having from their policy is 5 times the Umbrella coins spent within their policy period. If there were no claims made or the initial invested amount, at the end of the period,and if are not used, the user will get their unused coins back.The user can opt to finish their policy any time even before the maturity date.
Umbrella coins will also take certain measures for fund depletion that are Early withdrawal fees, Cap on individual investment, Fraud Claims, Minimum policies etc.
In August to October, they will develop smart contracts for the benefits and will implement float infrastructure, in October they will launch the clients, in September to december they will create policies, in November to december they will start partnering with existing benefits companies, in February 2018 they will complete Client feature, in May 2018 they will claim automatic review.
The crowdfund start date is 20 August 2017, and end date is 20 October 2017. A total of 100,000,000 UMC tokens will be issued where one ETH will be equal to 600 UMC.
68.8% i.e around 68 million tokens will be available for the participants/investors. 20% i.e 20 million tokens will be given to the Umbrella coin trust and which will be used to build a first round float pool. 10% i.e 10 million tokens will be dispersed among team members. All the funds collected will be received and stored on the wallets with the feature of multi signatures.
The crowdsale funds will go to the fundings for the future development of the Umbrella coins platform and helping to meet their roadmap plans. 40% will go to the development team, 20% to the legal and compliance matter, 30% for marketing, and 10% will go in reverse.
The policy can be produced by any coin holder. The policy created will be attached to their wallets address and a claim must be made next to a certain policy. Umbrella coins will payout to the claims depending on the schedule of benefits.
The two main categories of compliance issues they might make is to protect their investors and customers. The other part of the concern will be with the licensing issues and the use of blockchain to give out to the industries.
The two main concerns are that either voters not being interested in participating in the voting process or they put dishonest votes. They have devised an anonymous voting platform based on notification and random system. They want their policy holders to know not accepting someone else's claim will not increase their own chances of obtaining payouts.
Most of the policies require holders which have to pay out of their pocket when submitting any claim, before the insurer agrees to give the coverage any of their damages. Many policy holders are not able to pay out to their deductible, by either forcing people into a payment plan or avoiding making a claim due to costs. UMC believes that the deductibles copays and coinsures will be the major area of UMC to make an impact while a financial base is established.
Umbrella coins solves the issue regarding the middle men by allowing their policyholders, to bypass the overhead of makeing purchase through agents and instead purchase from the other coin holders.
Umbrella coins wants to democratize this effective industry of insurance policies, by removing the intermediaries and engaging a voting system as well. From health to car insurance, UMC will extend their services in other fields as well.
Umbrella coins are being developed to decentralize benefit payouts and give power to the hands of the policy holders. They are targeting an aggressive development and will launch date for their tokens and client allowing the coin holders to submit them and make claims over it.
The main motive behind Umbrella coin tokens is to add to the standard insurance policies such as life and health ,property and casualty.Their main goal is to make Umbrella coin tokens feasible for standard profit payouts and later extend it to full insurance policies