The ability to insure and be insured is one of the most important needs for both businesses and beings. This need is the driver behind an industry estimated at $3.92 trillion last year. However, the potentials of this industry continue to be limited by the challenges associated with the high cost of operation, lack of privacy, long processing time, and high rejection rates. These problems are as a result of the highly centralized nature of the industry, rendering processes that should take minutes into days. Cayman Island-based, HMS, has made a breakthrough in the development of a global solution to eliminate these problems.
Developed by the largest online crowdfunding platform in Asia, Qfund, HMS is bringing global, mutual support to the insurance industry through blockchain technology. The platform offers an open, transparent, smart, and self-help mutual support for users all where in the world. Already, HMS, has successfully deployed three mutual support products for its ecosystem: Global Health Mutual Support, Token Support, and Flight Delay Mutual. These products have been designed to meet the needs of different service industry as the platform continues to record numerous technological breakthroughs as the world’s first mutual support blockchain application platform.
Global Health Mutual Support
Launched on March 9th, 2018, HMS Global Health Mutual Support leverages a decentralized system for the global health industry to share the cost of treatment for affordable health risk protection with minimal spending.
Global Health Mutual Support is geared at users between 18-60 years old and require users to store 100 HMCs in smart contracts. Following a 180-day observation period, if the member is found suffering from any illness or illnesses on the platform’s 30 Major Illnesses List, they will automatically be entitled to receiving a mutual support compensation of up to 300,000 HMC.
Blockchain technology makes it easy for the global community to check up on the status of every event at any moment. The technology also facilitates the disintermediation of all engagement and transactions.
The crypto market has become one of the most volatile market, which is why it has become of critical importance to have hedging support of the market’s wild and often sudden movements. Token Support was launched on March 17th, 2018 specifically for the crypto market.
Token Support has a mutual support fee of 0.01ETH~0.02ETH, enabling lucky members to earn up to 2ETH worth of mutual support. These winners are chosen through an autonomous smart contract, whose process is openly available to the public for transparency, fairness, and genuine randomness.
Token Support is powered by two innovative features; Afraid of Rising Mutual Support” and “Afraid of Falling Mutual Support”.
Afraid of Rising Mutual Support: A user afraid of an increase in price after flesh can participate in the mutual support that triggers a compensation contract when the token price rises to 25% after fleshing.
Afraid of Falling Mutual Support: Users harboring fear of the value of a token they’ve just acquired falling, can allay their fears by participating in a mutual support that triggers a compensational smart contract when the price of the token falls 25% from purchase price.
Flight Delay Mutual Support
Flight delays are notorious for throwing carefully laid plans up in the air – and equally just as unpredictable. Passengers beset by delays only need to pay 100 HMC and enter the correct flight information before takeoff. If this flight is delayed, they automatically become eligible for compensation of up to 2000 HMC with no geographical restriction.
Any flight that can be searched through third-party data company “FlightStats” are eligible to participate. The first compensation for this product was paid out on April 17th, 2018 and by May 7, 2018, 7000 HMC had been paid to the community
HMS recently integrated a number of technological improvements including:
User Security: Adopting a mnemonic login technology, the platform has enhanced security through the provision of a dual-account confidentiality service.
User account system: Periodic improvement of payment protocols, node backups, and enhancing of data statistics functions continues to push HMS product advancement.
Product iteration: HMS have released the international version of its platform and also announced a referral programme designed to reward the community with HMC whenever they refer a friend to join the Flight Delay Mutual.
Technical Extension: In order to improve upon the operational speed of the platform, HMS is currently testing EOS contracts ahead of a full-scale technical support for large-scale multi-product operation.
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