Fintech startup Hi-Mutual Society, the world’s first decentralized insurance platform for mutual support and assurance, has arrived, courtesy of smart contracts and blockchain technology.
Aiming to build a global community providing mutual support services for all members in an open, self-driven and transparent system, Hi-Mutual has already introduced three products: Global Health Mutual Support, Token Support, and Flight Delay Mutual.
Addressing the diverse needs of different insurance users in a variety of areas, HMS continues to achieve technological breakthroughs through its multiple product innovations:
Coming online in early March, this product introduces a unique way for international members to join a mutual plan that shares the health risks of all participants in a model that protects the individual via equal spread of cost among all. With minimal spending, this ensures stable health risk protection for HMS members.
Aimed at users between 18 and 60 years of age, Global Health Mutual Support requires members to store 100 HMC tokens in smart contract for an observation period of 180 days. During this period, if a member happens to be afflicted by one of the items on its 30 Major Illnesses List, he/she will be entitled for a compensation of 300,000 HMC as mutual support.
Because the blockchain is open and transparent, all members can check community status at any time, with smart contracts ensuring locked funds are executed automatically and are tamper-free.
Launching a week later was Token Support, a product aimed at cryptocurrency users and enthusiasts, providing them with valuable hedging against market volatility. Each member who joins can pay a mutual support fee of 0.01 to 0.02 ETH for each phase, with fortunate ones able to earn up to 2 ETH. Members are selected fairly and randomly by an election process which all members participate in, concluded seamlessly via smart contract.
As of May 7th, 2018, seven mutual support contract plans have already been implemented. Users can choose from two products in this category, depending on which direction of the market they want to hedge against:
1. Afraid of Rising Mutual Support
Users who want to protect against sudden price spikes can participate in this product for participating tokens, triggering a compensation contract if price rises by 25%.
2. Afraid of Falling Mutual Support
On the other hand, users worried about sudden crashes can participate in this product to trigger a compensation contract if price falls by 25%.
EOS tokens are currently supported, with HMC tokens lined up next.
In early April, Hi-Mutual launched Flight Delay Mutual which supports airplane travellers all over the world. Passengers only pay 100 HMC, after entering correct flight information. Should the flight be delayed, he/she can receive compensation of up to 2,000 HMC. All flights listed on FlightStats qualify, whereby mutual members who experience flight diversion, return, cancellation or landing delays of over 2 hours after timely take-off, will receive compensation.
The first automatic compensation under this product was triggered on April 17th, 2018 and by May 7th, compensation had been paid out to the total of 70,000 HMC.
Every Hi-mutual insurance product has adopted technological sophistications that prioritize customer security, from a mnemonic login for dual-account confidentiality and optimized payment protocols including two-node wallet backups and strengthened data statistics.
The international product version 1.0.1bate includes a referral program, earning members HMC when referred friends sign up for Flight Delay Mutual.
Currently, EOS contracts are being developed and tested to improve platform speed, preparing for capacities of a large-scale multi-product operation.
Disclaimer. This article is paid and provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. CoinIdol shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any such content, goods or services mentioned in this article.