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Welcome to the future of insurance, where technology is like magic, making things work better and smarter! At Insurnode, we’re using an amazing technology called “Blockchain” and special computer programs called “Smart Contracts” to change the way insurance policies are created and managed. Let’s jump into this exciting world and explore how it all works!
Imagine having a superhero friend who can do tasks for you automatically – that’s exactly what a smart contract is! Smart contracts are like super-powered computer programs that live on the blockchain. Just like your insurance policy, they have important information like what’s covered, how much it costs, and what happens in different situations.
Smart contracts and insurance policies have a lot in common. They both have three main parts:
It includes details about the policy, what’s covered, and the risks it protects you from.
Just like the rules of a game, smart contracts have rules for accepting the policy, how much and when you’ll pay and when things are valid.
Smart contracts and policies have a life journey. They start with the first version and can be updated later, with new risk, rules, without all the administrative burden. Your client ask for a new policy and in 3 clicks you gets and updated and signed version of his contract.
Smart contracts bring a bunch of superpowers to insurance policies:
Imagine if your toy robot could follow your commands on its own – that’s what smart contracts do! They automatically follow instructions based on certain conditions. For example, a smart contract can activate your insurance coverage instantly when something specific happens. This is like getting insurance only when you need it!
Just like everyone can see your favorite painting in a museum, smart contracts are visible to everyone on the blockchain. This helps everyone (carriers, MGA, Brokers or other decisionners) know the same information in real-time, which makes things fair and trustworthy.
Think of smart contracts as superhero shields. Once they’re created, they can’t be changed or erased. This means no one can mess with them, making your insurance super safe from mistakes or fraud.
Smart contracts can change their shape. This flexibility allows them to be used in different ways, making sure they fit perfectly for your needs.
With Insurnode, we’re taking these amazing smart contracts and using them to make insurance policies easier, faster, and better than ever before. So, the next time you hear about blockchain and smart contracts, remember they’re the magical team making insurance efficient, secure and transparent.