SINGAPORE, Aug. 7, 2017 /PRNewswire
Digital insurance protocol, Aigang Network provides an insight into the future of insurance for new-age technology infrastructure, starting from mobile batteries to drones and autonomous cars.
The Singapore-based leader in blockchain protocol for digital insurance, Aigang Network has unraveled its plans to revolutionize the insurance sector. The company's plans for the future is described in its latest whitepaper (v0.3). The new whitepaper version includes many new additions and an updated roadmap. Aigang offers a fully automated insurance protocol, made possible through smart contracts and IoT devices.
The Aigang Network's blockchain protocol provides next-generation digital insurance for Internet-of-Things (IoT) devices using Decentralized Autonomous Organization (DAO) and smart contracts. The company is making a huge headway into the InsurTech segment, preparing itself for the new wave of technology changes bound to happen in the near future. The company's latest demo app is built on Ethereum testnet and will be preceded by its mainnet release in the near future.
Aigang's most recent update to its whitepaper sees many important new additions that help users and investors to understand better the service and all the things it has to offer after the official launch. Some of the exciting features of the platform includes:
Investing in DAO Insurance and Token Model
Aigang offers investors a chance to diversify their portfolio by investing in pools of different products with different risk levels and potential profit. The company has launched the demo for phone batteries, which could soon be expanded to include drones, smart cars, and many other popular products.
This new model allows to directly invest in reserve pools and then trade them on the secondary market:
Peer to Peer Investment Platform
Currently, in Alpha stage, Aigang's peer to peer investment platform is being developed with several key targets in mind. It includes:
Device Data Tracking and Claim Processes
Aigang's software for IoT devices is designed to alleviate a massive problem of fraud in the insurance market, which exists as a result of a lack of accurate data. The software is built for devices or product makers API's will be used to retrieve data about the device state. The software will be able to process claims automatically, and in the event of an accident, the device will automatically register possibility and accuracy of the accident. All that the policyholder has to do is to trigger the event manually. The software uses algorithms to access data validation, damage detection, historical data and machine learning to calculate the payout and finalize the claim. Initially, there will be a support team to monitor frauds until the protocol can be moved to fully autonomous insurance driven by AI and blockchain.
Aigang Protocol Showcase: Demo Battery Insurance for Smartphones
For a showcase of blockchain protocol for digital insurance, Aigang has selected smartphones. The most common technical issue for a smartphone is battery malfunction and a trend in decreased warranty periods has resulted in many owners facing costly repairs or battery replacement. Aigang implements risk assessment software to monitor the degradation of the phone battery and once the battery reaches a critical state, the payout is automatically processed and executed by smart contracts.
Insurance Pricing Simulation with Machine Learning
Insurance Pricing simulation and machine learning, in conjunction with other conditions that will be embedded in the smart contract to govern risk selection pricing, will be key in ensuring the profitability of the portfolio, and appropriate return to investors. Machine learning techniques are used to capture the significant risk factors for pricing and to make sure that the pricing structure captures the significant risk factors of each individual policy.
Architecture of the Protocol
Based on their vision, Aigang proposed an architectural model of whole protocol and platform they are currently in the process of building, with the main goal to implement fully autonomous insurance. The company's technical goal is to build a protocol on a blockchain which would enable community, companies, developers build insurance modules themselves, using its infrastructure.
Illustration Photo: drone operator (Public Domain from Pixabay.com)