Kuverit – Insurance Business Based Peer-to-peer

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Kuverit – Insurance Business Based Peer-to-peer

Kuverit – Although one of the largest financial market in the world (worth approximately US $ 4.8 trillion in premiums per year), PWC The latest CEO survey found that a higher percentage of CEOs of insurance, compared to the others, very concerned by the threat to their growth prospects. Namely, the threat of over-regulation, in which a dramatic speed advanced technology, changing consumer behavior and new entrants to the market all conspire to strain the classic business model. At the same time, factors such as fraud, false policies and inefficient processes cause a pretty big problem for companies today and require more urgent attention.

Given the laws of nature laden insurance industry and the structure of multi-actor, has been slow to adopt cloud computing for improved control and efficiency. Although, with 70% of insurance companies now use the cloud as an integral part of their operation, maximum penetration end is not far away. However, attention is now turning to optimization such networks, with a focus on the areas of speed, flexibility, and scalability to support the trend fees savings and pay-as-you-consuming models. This means considerable reinvestment for insurance companies who wish to remain competitive, which, if the final adoption has taught us anything, it will be a long process.

Even more alarming was the revelation that not enough premium customers who ultimately available to pay claims as they are consumed by the commission, operating costs and the cost of assessing the claims. These are symptoms of wry an industry in which there is a complete lack of transparency. the necessary level of disclosure of commissions, fees, costs and investment income on premiums vary by jurisdiction, as well as the need to properly inform customers about contract terms and conditions.

Introduce Kuverit

Insert directly into the shift towards a model pay-as-you-consume, Kuverit is taking a new approach to insurance business by first launching (P2P) insurance application peer-to-peer. We provide everyone with internet access a chance to get a guarantee for each transaction in both directions. Whether you are a service provider or contractor, business or customers, Kuverit application allows you to enter an agreement with anyone at any time, to relieve any anxieties the new buyer.

Benefiting both buyers and sellers, the way it works is simple: the user to create an account on the app, enter the details what they should be guaranteed for – and how much – and then post their requests for guarantors for other users of the application.

A guarantor can scan an open contract to find one that suits your risk threshold, for example, a score of reputation guaranteed or minimum fees to guarantee transaction. Selecting the ‘buy now’ then it will automatically make a comeback contract between the surety, the client (which tend to be service) and their customers.

Following the establishment of our application, we will turn our attention to the creation of Kuverit insurance – fully independent, blockchain based insurance company utilizes smart contracts to provide efficient service to the emphasis on transparency, fairness, and finality.

The Kuverit P2P Applications

We are changing the way in which people will be doing business with one another, shifting from the classics, centralized Insurance model and move toward decentralized, P2P system that reduces friction and pain points prevalent in the current process. Soon to be available on both iPhone and Android, Kuverit P2P applications will provide anyone, anywhere the opportunity to conduct their transactions are guaranteed, while also providing a new revenue model through a fully transparent cost structure.

Reputation Score base

Reputation is very important in this application and will often be the driving force behind why the client does not or is not do not get backed up and if the guarantor is or is not selected. We know that reputation is something that is built over time, to kickstart adoption and use of our applications has created a reputation value basis (BRS), which follows a similar The model for most of the “know your customer” (KYC) procedures.

Among the steps users can take to improve their BRS is:

• Verify the telephone numbers and email addresses of their
• Provide proof of address documentation
• Verify country location via GPS
• Send a document of identification
• Token purchases using credit/debit cards
• Complete ‘character assessment’
• Complete their personal profile
• Invite friends to download the application Kuverit
• Logging with Facebook / LinkedIn

Exposure To Risk

User reputation will determine how much risk the algorithm will allow the user to expose the network too. For example, users with BRS, status lights, and low SCS, combined with a low reputation score overall will require a guarantee for anything over £ 100 in value. At the other end of the spectrum, a user with a green light status, complete BRS, SCS, and high reputation score will be to apply for an individual guarantor for up to £ 5,000. The system is designed to promote the users involved honest and ethically with other users.

Introduces New Insurance Model

Kuverit focused on leveraging three key features of blockchain; transparency, permanence, and security. This feature is also integrated into our smartphone application, will allow us to change the fundamental processes that the insurance industry running. By utilizing smart contract and to digest the data collected from various sources including IoT devices and AI system, we will be able to process a claim with much richer knowledge and deeper understanding of events, and without erroneousness human processing.

Make our costs, transactions and contracts are publicly visible (where possible and where the privacy of the customer is still honored), we will increase transparency in the industry are often punished for details hidden in the fine print. In turn, this will reduce conflict and expedite claims processing at all times. Insurance company profits are the result of the underwriting result (profit or loss) plus the aggregate returns on investment funds consisting of premiums and claims reserves. With the automation of many processes, we will reduce operational, staffing and administration costs. Streamlining the process to make sure the entire insured and will provide near-close time cost savings, improved outcomes for investors and reduce premiums for customers, which means that we can offer products of value much more.

Guarantor Protection Fund

10% of all network cost pool will be placed into a fund for the protection of the guarantor. If the guarantor has entered claims against them, they can file a claim for the guarantor protection fund. They must submit proof to show why granting the claim, the plaintiff, contrary to the principles of the system. This evidence will be selected by 4 Platform colleagues and supervised by the Auditor. If the guarantor becomes excessive protection fund a portion of the funds would be given to charity, this would require sound community forum for endorsement.

Traffic Light System

Traffic light rating system offers a quick way for the guarantor to assess the overall reputation of the user platform. All demand the guarantor will have a green, yellow or red icon next to the list. Guarantor demand green displays traffic light icons are most at risk to return. List displays a yellow traffic light icon presents a higher risk factor means that the guarantor should continue with a warning. The list shows a red traffic light icon should be avoided, or the guarantor higher costs should be implemented.

To Customers

The risk is a factor for every customer involved parties unknown to the tender of service. Verifying business or contractor claims, quell any fears and dispel doubts can be a long process, complicated and often impossible. Many small businesses that is the reason why their proposal was rejected – they are good customers have been seared in the past and do not want to repeat or just cautious

Private Key Management

We assume one of the main points of confusion is coming from the wallet and management address pins. To simplify UX users will be able to enter their private key for signing transactions and save them on the device is encrypted with a custom user password as salt. Key is never sent to a third-party server, including server Kuverit. Each time the user is transferring tokens, sending shares to a dome or trigger other actions clever contract he/she would need to enter their password, the password is never stored on the device. The device uses the password to decrypt user keys stored on the device and use it to sign transactions.

Sales Tokens

  • KUV ERC20 Token
  • Starting – Dec 24, 2018 (00:01 GMT)
  • Number of Tokens For Sale – 2,525,252,525
  • Ended – Dec 24, 2019 (00:01 GMT)
  • Token Exchange Rate – 1 ETH = KUV TBD, 1 BTC = KUV TBD
  • Acceptable Currency – ETH, BTC, LTC, BCH, XRP +++
  • Minimum Transaction Amount – $ 100
  • Christmas Sales – 0-25 December 2018 – 70% OFF
  • New Year Sales – Dec 25 – Jan 1 -19 50% Discount

ICO Stage

  • ICO Stage 1 – 4 Months – 25% Bonus
  • ICO Stage 2 – 3 Months – 20% Bonus
  • ICO Stage 3 – 2 Months – 15% Bonus
  • ICO Phase 4 – 1 Month – 10% Bonus
  • ICO Phase 5 – 1 Month – 5% Bonus
  • ICO Stage 6 – 1 Month – 0% Bonus
  • ICO Price Per Token – $ 0.99


Kuverit Roadmap


Kuverit Team

To know the latest information about the Kuverit project you can visit the link below:

WEBSITE: https://www.kuverit.io/
WHITEPAPER: https://www.kuverit.io/white/Kuverit_Limited_WP_Dec_2019.pdf
FACEBOOK: https://www.facebook.com/kuverit
TWITTER: https://twitter.com/kuver_it
TELEGRAM: https://telegram.me/Kuveritico


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ETH: 0xEDDbb1aFc2439FeA77B19c44bEac8556313dA822

Disclaimer: “I’m not a representative or a member of the Kuverit team, I just give you the latest ICO info”