Idea of SeguroCoin emerged as a result of development and broader adoption of blockchain. We strongly believe that commercial implementation of blockchain has huge potential to revolutionize insurance and financial industries.
Insurance industry is facing a global change. Existing insurance products are complex, hard to understand and compare. As a result we end up buying an insurance product that we believe is fit for us but we are never completely sure.
SeguroCoin aims at bringing the insurance industry to the next digital level by blockchain implementation. New age of insurance should start with the changes in the distribution process. We are committed to creating a mobile application – Seguro Mobile – which will serve as an insurance marketplace. The marketplace, where users can easily compare insurance offers from companies all over the world and the purchasing process is intuitive, fast and friendly. Unlike other insurance marketplaces, once the purchase is completed, our users would be offered complementary services which aimed at helping in making sustainable decisions and providing additional value.
The next step – Insurance of a new age – is related to implementation of smart contracts. It will allow the creation of a new generation of products which will be fully transparent and autonomous. Meaning that once a user defines the set of insurance criteria and confirms the smart contract, in case of insured event the claim will be paid out automatically without need to fulfill any formalities.
SeguroCoin utilization and functionality
Key to success in creation of any marketplace is building a strong community around the product and staying in touch with all stakeholders. We introduce – SeguroCoin – digital currency connected to the insurance marketplace. SeguroCoin will be utilized in the sales process, as well as for settlements between counterparties present on the marketplace (e.g. insurance companies, service providers, users etc.) and for the claim handling process as well.
SeguroCoin will substitute traditional bank transfers to make the settlement process seamless and decrease transaction costs, especially in the case of international settlements.