Blockchain protocol for digital insurance

Insurance for Internet-of-Things using DAO and smart contracts

Smart Policy

Smart Policy would form the basis of the insurance DAO and would be even more important as it would govern the operation of the DAO by including software algorithms to automatically perform various operations, such as issue new policies, handle claims, distribute profits

Pricing and Risk Premium

In case of digital insurance protocol, the insurance product can be bundled with the IoT device by default or acceptance can be verified by checking a list of required conditions which can be performed by smart contract algorithms. The protocol could connect (using oracles) to external data sources if required to verify any conditions.

Profit Distribution

In the case of insurance as DAO, P&L is calculated and released instantly because blockchain updates the capital positions continuously vs. in traditional insurance the profit is released from technical reserves and transferred to free reserves only at the end of the given accounting period.  

How it works

IoT is a fast growing phenomenon which is projected to grow to 75 billion objects by 2025. This provides an emerging market for automated insurance as those devices could detect the broken part and initiate the claim themselves, e.g. smartphone after crash could detect not functioning microphone, drone could detect its broken accelerometer or Amazon Echo could detect broken glass in the office. Aigang is building Blockchain protocol for digital insurance, incorporating it as a DAO powered by smart contracts in a blockchain and owned by the protocol stakeholders. Read our Whitepaper to learn more about the main aspects of the insurance DAO smart contracts, namely Policy, Pricing, Claims and Profit Sharing and how it will enable a new kind of insurance built for loT era.

Meet the team

Aigang Network was formed in 2017 in order to research and develop prototype for digital insurance built on and powered by blockchain technology. Fulfilling our vision for digital insurance as blockchain protocol will enable to create a new level of insurance services geared for digital world.

 

“Weʼre going through the process where software will automate software, automation will automate automation.”

Mark Cuban

Reda Markeviciute

INSURANCE PRODUCT & POLICY

Reda has more than 10 years of experience in various finance, digital and marketplace businesses. She previously worked as Product manager and actuary at SEB Life Insurance, one of the biggest insurance companies in Scandinavia and Baltics. She has experience in product management, fundraising & business development. Also, avid traveller!

Aidas Ignatavicius

CHIEF ACTUARY

Aidas has 10+ years experience working as Actuary for leading insurance company in Europe. His responsibilities include designing, validating and testing various pricing models for insurance products and policies. He has MSc in mathematics and spends his time to become fully accredited actuary at Institute and Faculty of Actuaries, UK.

Saulius Grigaliunas

LEAD DEVELOPER

Saulius is software developer by trade and data science by enthusiasm. His experience is in data engineering, warehousing & analytics, and previously he helped to build models and get insights from the data, that was available from 15M+ users marketplace.

Lukas Kairys

SMART CONTRACT DEVELOPER

Lukas has experience as technical founder at startups, where he learned his ropes by working on software development and product management. He completed his bachelor in Computer Sciences with deep dive in Ethereum blockchain, creating a prototype for electronic voting system with Smart contracts as basis for voting.

Augustas Staras

BUSINESS DEVELOPMENT

Augustas has 10+ years experience in creating, growing & managing online and consumer businesses. He works in emerging digital finance industry and has co-founded peer-to-peer lending and investment platform with 15K+ users. Recently, he helped blockchain project successfully raise 14M USD financing.

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