Kasko2Go is a new revolutionary app-based car insurance system which utilizes blockchain technology, advanced AI, and military grade telematics to make instant insurance payments possible. Moreover, the cost of the insurance itself will be drastically reduced. Right now the company reports 30% reduction in the insurance cost due to their smart telematics system. As the project accumulates more funds and develops further, the decrease in insurance plan costs is expected to reach 50%.
How is it possible to process an insurance claim so fast? The blockchain allows to cut all the red tape and to bypass the traditional tedious and time-consuming way of getting an insurance payment. In the past, drivers had to wait until the damage estimator finished the work on the car, and the whole thing, from contacting an insurance company to collecting the money, usually took from 2 weeks to one month. Now, if the accident happens, the user of the platform can just take a picture of the car using the app, and the car’s ID will be hashed into the blockchain. Then the magic happens – the repair price is calculated automatically, and the smart contracts ensure the necessary money transactions are completed. Sounds fantastic, but how will system protect itself against the cheaters? The issue of fraud has long been known to plague the insurance sector. According to the developers, the system is impossible to trick, as it makes its judgments on the basis of huge statistical gathered from more than 3 mln drivers. Moreover, the system takes into account drivers pre-& post-accident behavior and sets its trust index on the basis of a driver’s insurance and claims history record, which makes the platform especially resistant to fraud.
How does the company manage to cut the costs of insurances? First of all, the company thinks that the price of an insurance should depend on the drivers’ safety profile. The app automatically tracks your driving behavior, as well as other external conditions such as weather. Then your driving score is generated, and if it’s good, you can pay less for the insurance policy. Moreover, you don’t pay for your insurance when the car is not running.
Is the product truly unique? According to the whitepaper, no other software solutions offer the same range of features. Although insurance-on-demand is available in 3 other projects, none of the competitors boasts a fraud-detection system that makes lightning-fast insurance payments possible. All these factors play in favor of the company which is set to dominate the exponentially expanding market of telematics. The statistical data predicts “100M vehicles to be insured with telematics-based policies by 2020”.
The working demo of the platform is already launched; 2 Ukrainian companies will be ready to provide their insurance services through the system starting April 30. More providers from Switzerland, Germany, and Austria are expected to join later this year. During the next three years, the company is hoping to attract no less than 1 mln clients.
The token of the system will be called K2G and will be based on ERC20 standard. It’s going to be used for all transactions within the network, ranging from p2p transfers to insurance payments.
The company is led by Genadi Man (Co-Founder and CEO) and Raj Singh (Co-Founder and Board Member). Genadi Man is an entrepreneur and founder of one of the leading telecommunication billing companies with 1600+ employees in 13 countries, with the turnover rate of 300 million EUR. Raj Singh is an insurance and financial industry expert. Other team members have extensive experience in the insurance industry. The company has struck partnership with Google, which helped Kasko2Go accumulate a giant database from more than 3 mln drivers.
In conclusion, the project seems very likely to succeed, as it offers range unique of solutions for making insurance industry more appealing, affordable and fraud-resistant.
All Kasko2Go ivestment details are available on our webste.