How to Build Decentralized Insurance Platform Similar to Etherisc?

People around the world are facing the risks in their life in several ways at different modes. Once the people decide to help one another in case of any emergency or risk they should hold hands together to help the needy at the risks. But where it is not possible to initiate it without any systematic approach, here comes the insurance organization to handle and manage all the risks faced by the people by dedicated to creating insurance policy, risk assessment, and claim process execution.

The insurance organization is central to controlling all the procedures in the insurance process, initiating the risk assessment, and claim process. To eliminate the dependency on the insurance industry here comes the demand for a Decentralized Insurance Platform to handle all the insurance services on the well-secured blockchain platform with the help of a Smart Contract. The plan is to equip users with easy, transparent, convenient, and more economical financial protection against their risks.

Over the blog of this guide, let us take a look at what is Ethersic, as well as how to create a decentralized powered insurance platform like Etherisc and its benefits. Let’s start!

What is Ethersic?

Etherisc is a Decentralized insurance platform to create insurance products. The platform offers insurance license-as-a-service that allows anyone to create their insurance products.

What is Etherisc DIP?

DIP is the Decentralized Insurance Protocol that provides a permission-less, generic mechanism to calculate risk and its price, maintained, and transferred by a group of independent service providers eliminating to rely on centralized parties. DIP helps in creating insurance products with a predefined set of agreements publicly defined among them.

Etherisc DIP Token

DIP Tokens is the native currency of the protocol. DIP tokens are used in the platform for various purposes like transaction fees, incentives, as a form of a reward to the users for improving user engagement to the network, develop and maintain risk transfer products. The total amount of Etherisc Tokens is 1 Billion. 

The Benefit of the DIP Token

DIP tokens grant access to the user on the Decentralized Insurance Platform. By staking DIP tokens, associates provide collateral (bond) to guarantee future performance, availability, and service levels. 

Staking additionally indicates quality and reputation. The user can earn money by resourcing their skills, like software risk models, risk capital, insurance licenses, claim processing, or regulatory compliance/reporting services. 

Types of Services in Ethersic DIP

Flight Delay Insurance

The Flight delay insurance service for flight delays and cancellations of the scheduled flights. Payouts are automatic and almost instant. fully licensed, sold worldwide for ETH, USD, EUR. 

Hurricane Protection

The Hurricane protection policy is to help low-income people and startup owners, and it is developed on the decentralized insurance platform to share the risk among the group of people instead of depending on the central control. This hurricane protection helps the people by providing an instant claim process is executed on the wind speed registered by weather-stations within a 30-mile radius from the insured’s permanent location.

Crypto Wallet Insurance

The Crypto Wallet insurance is provided in the decentralized insurance platform as the crypto wallet is more liable to theft and hacking in the exchanges. Crypto Wallet insurance is to protect against the risk of piracy and attacks of hackers on the crypto wallet, and smart contracts. 

Collateral Protection for Crypto-backed Loans

The policy pays up to 100% of the issued loan amount if the value of the collateral provided by the borrower decreases by 90% or more.

Crop Insurance

The Crop insurance in decentralized insurance platform is helping the farmers to insured their crops on the decentralized mechanism so that no need to depend on the central control and they can help one another on insuring their crops. You can insure the crop to the DIP by Select your crop and the location of your field. Automated claim processing is initiated by drought or flood events reported by government agencies.

Social Insurance

Cost Efficient, accessible protection in case of risk of mortality or severe illness of a community member. The quick emergency amount aids to get through critical times.

How does Etherisc DIP Works?

The Insured user pays a premium of $1000, on which $900 of the premium is pooled in the risk pool, and $100 is allocated to the developers and distributors. involved in designing, oracle, licensed provider, and distributer registry. If users Meet risk they can claim to the protocol on providing the claim details and can get up to $800. 

The asset in the risk pool is reinsured on the market and pays the risk pool asset to the reinsurance. 

The Sovereign investors invest their ETH, USD as staking on the reinsurance market. Staked assets have a value of $1500 then this gives $100 in return for the staked assets on the reinsurance market.

As an Early Contributor, users can secure your allocation of DIP tokens and receive a bonus. You will get a 10% token bonus for locking up the tokens for 12months. The smallest donation value for Early Contributors is 10 ETH or USD 10,000.

Hope you all got some idea about Ethersic and their working process so if you are interested to start or want to launch a DeFi insurance platform like Ethersic then you are on the right platform!

Launch your Decentralized Insurance Platform like Etherisc from Osiz Technologies

Build your Decentralized Insurance Platform from Osiz Technologies, a leading DeFi Insurance Development Company, having 10 years of experience in Blockchain technology. we have pool developers who have in-depth knowledge and experience in developing decentralized finance services and Solutions. We develop decentralized insurance platform development services from scratch that meets your business demands. We provide a 24/7 support system to our clients in developing, deploying the decentralized insurance platform successfully. 

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