GenesisNet: Simple and affordable insurance for everyone
GenesisNet Technology founded in Hong Kong is honoured to be part of Helix Accelerator, a 10-week program run by Mind Fund, a venture capital company based in Hong Kong. The program will give GenesisNet a chance to dig deep into Hedera Hashgraph and together, become one of the leading insurance innovators in Asia.
What we do
GenesisNet is building a platform for decentralized insurance to serve everyone anytime and anywhere. Recently, many insurers have been exploring blockchain technology and smart contract supported products, yet an ecosystem is still absent. GenesisNet is here to fill the gap through Hedera Hashgraph.
Why Hedera Hashgraph?
At GenesisNet, we strongly believe that insurance is essential and are here to provide everyone the kind of insurance they deserve. Through Hedera Hashgraph and its unparalleled speed, transparency, security and stability, GenesisNet aims to provide the Insurance industry with an ecosystem where decentralized and smart insurance transactions can be obtained at lightning speeds with full transparency while being processed through the highest levels of security and most importantly, at much lower costs than ever imagined.
Who benefits?
The ecosystem and associated network GenesisNet is building will bring customers, insurers and distributors together all on one platform and allow them to process secure and fast smart contract based insurance products at lower costs. Any insurers, from multi-billion dollar insurance companies to insurtech startups will stand to benefit by providing better products and services through our ecosystem.
How it works
Smart insurance, also called Parametric insurance, is the perfect partner for blockchain smart contract insurance and unlocks boundless possibilities for the GenesisNet platform. These insurance products use data sources and algorithms for underwriting and payout decisions, making them ideal for demonstrating the benefits of Smart insurance. When certain conditions are met — be it a flight delay or event cancellation — these conditions bound in smart contracts self-execute.
Roles
Insurers: Insurers on the GenesisNet platform will be involved in designing, pricing and publishing new types smart contract based insurance products and offer promotions and loyalty programs. This type of insurance and the use of our ecosystem will help them reduce their costs substantially.
Consumers: Customers will be able to place insurance orders via multiple point of sales, either directly with an insurer online or through the GenesisNet platform. The ecosystem ensures for safer customer data management while maintaining a good balance between personal privacy and sharing of the required information for underwriting purposes. Customers will have their own management panel to buy and manage coverage and an all-rounded shared loyalty program.
