William Bu: I have been in the insurance industry for fifteen years after finishing my study in actuarial science in Toronto, Canada. Over the years, I find quite a few issues with the traditional insurance industry, foremost among which, the high cost, especially premiums, associated with the centralized operating model prevalent in the industry. Many people need protection but cannot afford the often-expensive costs. Now the blockchain technology makes it possible for them to get the protection at a lower cost. This is my core philosophy. We started to focus on the blockchain technology a few years ago and from 2017 onwards we felt we had to do something. As we read in the Economist, blockchain is a trust mechanism. With this trust mechanism, we may be able to help more people to get protection without having to involve the insurance company and, by extension, many costs incurred traditionally. On the insChain platform, participants seeking protection simply lock their contribution to the risk pool into tokens; and when a risk event occurs, claim is automatically taken out of the collective contribution, keeping the cost of premium low. I hope our community will not only be a blockchain community but will also be a benevolent mutual aid community.
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