Aigang (AIX) the Autonomous Insurance Network — Fully Automated Insurance for IoT Devices and a Platform for Insurance Innovation Built around Data

6 min readJan 10, 2018

Aigang using the AIX token aims to automate the insurance industry through the Internet of Things (IoT) that can already diagnose their own operating state and communicate imminent failure combined with crowdsourced info used to assess risks. Insurance claims can be verified and paid automatically.

An autonomous insurance system that uses data collected by the IoT devices. Data can be collected by drones, sensors, and cameras then forwards that data to the crowdsource to use for insurance calculations. The smart contracts and tokenized system will be used by people and manufacturers to assess risk and make automatic payouts.

Aigant uses the combined data from the crowd which includes subject specialists, and insurance enthusiasts to make predictions and insurance pools based on said predictions. These predictions will be used to assess insurance risk and build algorithms that will price out the premiums and even predict profit! The token model will give incentives to all holders that provide accurate predictions creating a network of token holders all reaping the benefits of an efficient automated insurance system.

Smart contracts on a decentralized autonomous organization (DAO) will connect intelligent devices to insurance policies. Smart devices can request their own maintenance, insurance payouts can happen automatically, re-insurance can be used to handle exceptions, and tokens can even be automatically sold or payments issues to keep reserves within target.

There are already manufacturers collecting data on their devices’ operating states. This collected data from drones and sensors is invaluable to identifying insurance risks and opportunities. The device data will improve intelligence and increase the value in all policies. By partnering with manufacturers that want to pre-install insurance policies Aigang can revolutionize the way a decades old industry works by utilizing the advancements of the blockchain.

The market globally for IoT insurance is projected to be at 42.7 Billion by 2022. Aigant is uniquely positioned to lead the innovation of the industry of insurance. They already have a working app, integrated feeds from data suppliers, all required algorithms and business logic in their proof of concept. The next step is to raise the funds for a fully operational platform to execute the infrastructure and scale it up.

Valuable Information:

Coin Name : Aigang (AIX)

Total Supply : 45000 ETH

Circulating Supply : —

Market Cap : 45000 ETH

Pre Ico Price : 0.0005 ETH (AIX Tokens garnered) : 29,274,566.72

Ico Price : 1 ETH = 2000 AIX // 1 AIX = 0.34 USD

What problems does this solve in the real world, and what advantages does it provide?

73% of all people do NOT trust their insurer. Through automating the claims process things like product purchase dates can be stored immutably on the blockchain making it easy to confirm the purchase date. This will help mitigate insurance fraud. Smart contracts bring together payments and programmability meaning insurance contracts can be automatically executed. Automated claim handling for floods, earthquakes, and drought pushed through the blockchain could eliminate the need for individual assessment and shorten settlement times. A transparent system where all data is stored and can be confirmed should help with an industry wrought with distrust.

Complete automation of the insurance industry is within reach, the future is now.

In this digital age everything is becoming connected. IoT devices run the gamut with smart homes, car telematics, and wearables and their need to interconnect will catapult the need for automation. The sensors, cameras, and drones will supply data in real time that is verifiable and provide the raw data needed to make accurate risk assessments and capture claim events. IoT devices will monitor their own operating states, order maintenance at the appropriate time, and report their failure dates. Consumer goods, vehicles, buildings, equipment and power grids will be connected and automated using the DAO.

The DAO is like a smart contract that abides by predetermined rules for fund management. Once constructed it will be able to make sound business decisions, and conduct transactions with no need to involve a human, improving the efficiency of the complete entity. Tokens can be used on the DAO structure to reward the best informed experts who make the most accurate predictions. This could maximize profits when the best information is uncovered.

How will Aigang solve this?

According to ‘The Wisdom of Crowds’ James Surowiecki says, “under the right circumstances, groups are remarkably intelligent and are often smarter than the smartest people in them”. Google and Harvard thought this sounded smart so they tested prediction markets and came up with resounding success. By putting prediction markets into the blockchain it is decentralized, transparent, and can’t be manipulated. The smart contracts automate the aspects of the market operation and oracles can definitively report event outcomes. No more manipulation of the market. The other side is the incentive given to those that make accurate predictions.

If you live in a flood prone area and are unable to get policy coverage you can hedge your bet by buying “yes”tokens for such a natural disaster for the next 5 years. If a flood occurs you get a payout on your prediction helping to offset lack of coverage. Levelling the playing field for everyone.

These PMs will naturally attract experts who feel they have a more informed opinion than the group, bringing science together with elements of magic and old wives tales. The transparency will allow anyone to become an expert through verifiable proof.

Technology and how it works

Insurers will be able to create tokens predicting the likelihood of events, and use the price that emerges to make an accurate assessment of the insurance product in question. The PMs will make predictions about Capital PM, the capital required to support the pool, Premium PMs which predict the size of the premium the pool needs to amass, and the Profitability PMs that will predict the loss ration or some other profitability metric of the pool.

The market operation will be diverse, independent and decentralized. These markets should work most efficiently with he incentives used to attract participants to get the most accurate predictions possible. Members will earn status and other benefits through earning tokens with their accuracy.

The algorithm will use the prediction market governed by member score, reward function and value function. Members can earn ranks and have more weight added to their prediction by a successful track record. These rewards will be calculated by the system, and the value will be determined by the whole prediction market.

Team

Any project is only as good as the team implementing it and the team at Aigang is made up of experts in their fields. The CEO Augustas Staras holds a Bachelor of Business Management and Administration with 10+ years in launching online businesses. He co-founded a European P2P lending & investment platform with 15,000 users and worked on a decentralized VPN blockchain project that successfully raised USD$14M in their ICO. The Insurance Product & Policy Manager, Reda Markeviciute has a degree in Financial and Actuarial Mathematics and a Masters in Banking. She has 10+ years in raising capital for business development for both financial and digital businesses. The rest of the team is made up of experts across the finance and insurance industries.

Here is the list of the entire team for your information and perusal:

Staff / Team Info :

Name : Augustas Staras

Title : CEO

LinkedIn : http://linkedin.com/in/augustasstaras

Extra Links : https://twitter.com/augstaras

Name : Aidas Ignatavicius

Title : Chief Actuary

LinkedIn : http://linkedin.com/in/aidas-ignatavicius-74318714a

Name : Reda Markeviciute

Title : Insurance Product & Policy Manager

LinkedIn : http://linkedin.com/in/redamarkeviciute