We are rushing into an era of pervasive connectedness. 55 billion Internet of Things (IoT) devices will be bought over the next eight years. Most of them will be able to diagnose their own operating state and communicate imminent failure. Because none of this requires human verification, there is an opportunity for automated insurance products - insurance that verifies claim events and pays claims automatically.
There is a second opportunity. Most IoT devices collect data. Drones, sensors and cameras can send data that can be used as an input to insurance calculations. This will see an explosion in the number and diversity of insurance products.
With smart contracts and a tokenised system that assesses risk, we‘re building a platform for autonomous insurance, usable by any manufacturer or insurer. Here is the pathway to that:
Ethereum blockchain smart contracts are written to control policy issuance, risk assessment and claim processing. A user interface exists for the insuree to manage all insured devices. Smart device-tracking software use cases are developed for issuing claims automatically.
Ethereum blockchain smart contracts are updated to deliver prediction market functionality. The user interface allows investors to operate the prediction market, access data, manage their portfolio of investments. Back-end infrastructure is created for off-chain data collection and calculation.
Early stage discussions with IoT device manufacturers and data suppliers.
Public release includes the prediction market platform and several developed insurance products. We have an open beta version of the platform for investors and people to participate in. Reinsurance is integrated, expanding the number of fully autonomous insurance products. A community of smart insurance enthusiasts is starting to assemble.
Strategic agreements are signed with IoT device manufacturers and data suppliers. Widespread publicity is generated around early stage products and the Aigang platform’s use of permission markets.
Stable and functioning prediction markets software. The development platform and API are being used by module developers to develop new and improved insurance products. Evidence is emerging of the performance benefits that diverse, well-structured performance markets provide.
Data from IoT devices is integrated and used in insurance policy applications created by Aigang. The first pre-installed insurance contracts go live in partners’ IoT devices.
Incorporates machine learning, a real-time pricing algorithm, the analytical platform and tokenised insurance risk pools.
Includes a complete insurance investment OTC trading platform. The product development SDK is complete and in widespread use.
We’ve created a fully autonomous insurance DAO - a platform for innovation and efficiency. Customers are accessing new and improved insurance products. Some of these have been created by third-party developers, others by Aigang. Customers are using our permission markets to hedge exposure and engineer business results. Experts and insurance specialists are earning rewards through PMs. Actuarial results improve. Insurers are using Aigang to broaden the scope of coverage, increasing the size of the insurance market. Investors are funding new policies, the industry is more dynamic and the platform is flourishing.