With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve. While this revolution is gaining wide acceptance, Socratus, has created a digital platform with instant claims payment products for insurance companies (white labels) and fully digital consumer insurance companies.
Now that I have your attention, let’s get right to it.
What exactly is SOCRATUS?
Socratus makes a digital platform using immediate claim payment products for insurance firms (white label) and a fully digital consumer insurance provider.
The use of smart contracts makes it feasible to simplify trades - and in the event the client can expect to receive a payment, then it will be executed nearly instantly. In addition, it is well worth noting that the absence of multiple intermediaries - they are the reason for extra temporary, in addition to monetary costs. Following the demonstration of features of Socratus, many modern insurance companies instantly attracted attention to its own functionality. Investors received a full time program for the development of this exceptional project and are now analyzing the data in order to extend the founders with the necessary amounts.
Socratus mission is to change the worldview of the conventional protection advertise in making ' Native protection', that will predicts current hazard and deals with protection as a matter of course. Socratus Claims are paid in a split second. Their Clients feel the undetectable nearness and support of protection insurance. Insurance agencies get from Socratus mechanical foundation, information examination and bits of knowledge, white name for their advertising exercises and new items improvement.
It is worth highlighting some unpleasant moments faced by clients of traditional insurance platforms:
The lack of fast processing of requests - almost always have a very long time to wait for payments. It's all about multiple checks to confirm the existence of an insured event. Socratus gives you the opportunity to speed up this process - smart contracts will specify all the conditions for receiving funds, everyone will be able to count on their lightning-fast withdrawal;
No obscure middlemen who require commissions for their services. Each client will be able to choose the optimal insurance company and conclude a mutually beneficial agreement;
To pay for transactions within the system, its internal currency is used. Tokens can be purchased inside the platform at a fairly reasonable price;
Absolute security and privacy. In addition to the efficiency of processing all requests, users will be able to rely on the full protection of their data and tools. The developers are doing everything to ensure their customers the most favorable conditions of cooperation.
A small update of the functionality is planned soon enough, but it will require additional funds. The developers of the decentralized platform Socratus hope that they will be able to attract investors to the project. Already, several well-known insurance companies are testing the initial capabilities of Socratus.
FEATURES OF SOCRATUS
The emphasis ought to be on the consumers interests, win-win protection rules maxims are:
Instant claim payment,
Fair and transparent dealing,
How does this function
The client purchases a policy from a business or insurance brokers. Smart-contract begins to function.
Together with the initial policy, the customer will get access and password to get their profile.
The Customer informs the Insurance Provider about an accident via his site or program
Smart-contract provides the sign to Oracle to Confirm the Crash. Oracles becomes a confirmed information supplier.
Smart-contract implements the payment. Smart-contract is shut. Don't waste any more time and join Telegram team so it is possible to speak with us and describe any questions that you might have. Do not miss this fantastic opportunity provided by this Socratus project.
Socratus developed the WIN-WIN solution: a platform for insurance companies with instant claims payment products.
Save time and money:
Instant claim payments
No need to collect documents in bulk
No personal communication interferes with the insurance company
For insurance companies
Business in development:
New insurance products
Penetration of new customer segments
How does it work?
Customers purchase policies from companies or insurance agents. Smart contract started working.
With the first policy, the client gets access and password to access their profile.
The Client notifies the insurer about the accident through its website or its application
Smart-contract signaled to Oracle to verify the accident. Oracles becomes a verified data provider.
In case of accident confirmation, Smart-contract sends a signal to send money to the customer.
Contract-smart runs payments. The Smart-contract is closed.
Win-win insurance powered by Smart-contracts & Socratus Oracles
No more solo human decisions to pay or not to pay
No more lingering manual claims handling procedures
SMART-CONTRACT is a program code that replaces standard agreement, issues and executes insurance policy in blockchain
ORACLE is a program code, that sends verified data to the smart-contract upon accident
Any insurance company can connect the platform to become the part of Insurance Digital Ecosystem
The platform combines into ecosystem:
Insurance company, its agents and customers
Automated block for the verification of the facts of the accidents
Block for instant claim payment
SCR has the following functionality:
For consumers and community
Additional discount and special conditions for payment of tokens
Socratus platform contributors reward tool
User loyalty management and promotion tool
For insurance companies
The means of payment for the license for using the technical product (platform) Socratus
Socratus platform is aimed to build a protocol that:
Allows Insurance companies to implement innovative insurance products with instant claim payment
Becomes a standard in decentralized digital insurance and contains all the requirements of insurance players, and regulators
Decentralization of the protocol will bring to a native growth of tokensturnover between ecosystem participants and overall trust.
Distribution of tokens
69% — Crowdsale
6% — Early participants in pre-sale
3% — Bounty
4% — Advisors & ambassadors
6% — Team & contributors
12% — Founders
A total of 2.000.000.000 (two billions) SCR tokens will be issued. The minimum target (softcap) for crowdsale is $5 millions. The target is $125 millions. Initial price will be set to 0,10$. If the softcap is not reached, the funds will not be able to reach by the team and all contributors will get a full refund.
Token sale raised funds allocation
Funds raised from 69% of Tokens
are used for the following purposes:
20% — IT development
30% — Marketing
30% — Insurance reserves (including legal set-up of an insurance company)
15% — Team
5% — Legal and financial support.
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.