The EON Revolution!
Nnedaddy1
It is estimated that the risk sector's gross transaction in 2017 was about $4.8 trillion USD .
The growth of this sector can be attributed to the fact that people are coming to the realization that life is a risk itself and there is the need to insure oneself , property, business against unforseen circumstances such as:
Death
Debt
Accident.
Sickness etc.
Since one cannot be able to predict what happens and have no control over nature.
When one insures his life , and death happens after.... loved ones and family of the deceased would have to suffer much as the life insurance policy entered by the decease would mitigate the effect the death will have on the family.
Businesses would escape the risk of going bankrupt because of a major debt.
People who insured their cars stand the chance of getting new cars through the insurance sector.
The benefits of this sector cannot be over emphasize.
However, the sector is fraught with challenges that are impeding its continous growth and efficiency.
Some of the challenges are as follows:
High entry barrier.
Centralised product design.
Intermediaries.
Privacy.
Efficiency.
Fraud.
Moral hazard.
Delay in processing claims.
The financial requirements and structure of the traditional risk sector makes is difficult for people who would want to participate in one policy or another to enter.
There is no measure in place to enable people to choose or diversify their risk needs as its usually same or similar products that are being brandied about by the traditional risk sector, so people are indirectly being forced to stick to the centralised homogeneous product .
Security of data and privacy protection is also one of the major challenges. Users data are not stored securely and protected and so its prone to hack . It could be used by the insurance companies for personally purposes without recourse to the owner.
There's no or little transparency in the process of risk management...which could result to the companies hiding some important terms and conditions of the contract from policy holders.
The time it takes for a claim to be processed is also a major threat to the growth of this sector.
The use of intermediaries results to increase operational cost.
The hierarchical structure of the insurance companies slows down decision making and processes.
This has necessitate the need for a platform that can proffer lasting solutions to these issues.
Introducing GRE, global risk exchange, a decentralized blockchain based and open global risk market that aims to assist people companies and organizations to acesss and trade their risks.
WHY Global Risk Exchange?
Global risk exchange aims leveraging off the blockchain technology to provide one stop solutions to the challenges.
It would provide a platform that can bring together the risk buyers and sellers under a marketplace for the purpose of transacting business directly among themselves.
It would ensure that users data are highly secured and protected against hack or breach.
It would divide the insurance company into three main parts: sales channel.
Actuarial ability to design insurance contract.
Insurance capacity.
This will go a long way in improving efficiency in the insurance sector, as individuals who needs insurance are enabled initiate sales and actuaries are enabled to publish their own products.
Benefits of GRE
Claims are processed and paid faster.
The hierarchical structure challenges are eliminated.
People are enabled to diversify their risk needs.
Data are securely stored and protected.
Risk sellers and traders can transact directly among themselves.
Reduction in operating cost.
Improved efficiency of the sector.
Improved transparency.
Core components of GRE
Graphene blockchain library.
GRE core
GRE application and website.
Oracle for Hazard Identification.
Distributed Database.
API and SDK.
Features of GRE
High performance
All- platform
High Efficiency.
Individualized.
Longterm development plan.
GRE has successful concluded its ICO sales.
Useful links
Website https://www.gref.io
Whitepaper. https://shimo.im/docs/z3hxFLzpYVgxj1SB
Telegram https://t.me/GREF_EN
Medium. https://medium.com/series/aa50bbc44814
Author's bitcointalk profile https://bitcointalk.org/index.php?action=profile;u=2050118