Author

Topic: [pre-ANN-ICO] Blockchain Insurance Platform >> Legacymarket << (Read 223 times)

newbie
Activity: 75
Merit: 0
A successful project with an excellent idea, a world that is necessary and great potential! I am confident that the company has a great future and great prospects
newbie
Activity: 13
Merit: 0
Update:

As well as our online platform covering general insurance, LegacyMarket will be providing insurance solutions for Marine + Aviation vehicles, therefore targeting the HNW's and UHNW's with a total insurance solution.

Keen to hear your thoughts on this addition...   
newbie
Activity: 13
Merit: 0
Legacymarket,

Help me understand cutting the middlemen in your Car insurance example. I use https://www.policybazaar.com/ all the time in India to buy my Travel, Car and other short-term insurances. I mean, I pay them and policy is inbox. Ain't you looking to do something similar here? Or, is there something more which I am missing. Let's say I have a no claim for the first year - that I get a benefit even in *without blockchain* scenario.

Can you help me improve my argument if I am missing any details?

Thank You.

Firstly where Legacymarket will differ from the current online platforms, is the ease of which to attain a quote and the accuracy. There would be no need for typing any information for vehicle insurance and no room for customer fraud or error. Secondly, our platform will offer far more insurances than current platforms, creating a one-stop shop for all. Thirdly, we would buy insurance in bulk from providers creating a discount that will be shared with our customers.

Would you choose to buy insurance through a platform leaving room for error, potentially voiding pay-out? Or would you choose an accurate product with complete ease of use for its customers, that doesn't store your information to hand out to third parties? 
newbie
Activity: 13
Merit: 0
Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

Your company offer also as an adviser, any token can be offer to your company and can be use as a payment method.

I think this comapny will be success, good luck

Hello Xenon05,

Thank you! 

We have an excellent team of advisers who we are still learning from ourselves, but offering advisory to other start-ups may be of consideration to Legacymarket in the future, after execution of a successful product, why not. 

At ICO we will be accepting BTC/ETH/LTC/Fiat... and depending on which blockchain we develop our project onto - their currency.
newbie
Activity: 13
Merit: 0
Cryptoconsult - Thank you for your valid contribution.

Blockchain will make insurance more affordable, but not cheap. The idea behind using the token to discount insurance further is creating a greater value for token in the future. By maybe using a 'No-claims' annual token reward system, customers will have the benefit of then utilizing the token to discount their insurances

Two questions following your earlier response:

1. What has blockchain to do with affordability of Insurance?

2. How will tokens discount the insurance? Are you an insurance company or just a marketplace?

3. Can you elaborate further on tagging token to No-Claims reward? How will this work? Let's assume I purchased 100 tokens in your ICO. Now what all can I do with these tokens?



1. Unless mandatory ie. car insurance, most insurances are an extra expense a lot of people choose to live without. With a blockchain solution cutting out the middlemen we aim to make insurance something of a very affordable acquisition, a necessity as opposed to a luxury.

2. Initially we will not be an insurance company. Just a market place linking customers with products.

3. If you purchase 100 tokens in our ICO firstly - You will have access to buying insurance on our platform. Secondly (tentatively) we are considering the ability to utilize tokens to off-set insurance premiums further to the calculated quote and up to a percentage of, for example 20%. Hopefully this answers the second part of Q no.2 also..

We want to create a product that the crypto community have tailored to their needs, and are still open to all possibilities of token utilities.    

1. As long as you aren't deciding the premium amount how can you guarantee affordability. Wouldn't LegacyMarket be making money on every insurance that gets sold through its platform? As opposed to insurance brokers, you'll have a running operational, technology and other expenditures. Not sure if you are factoring these cost before talking affordability.

2. This means you can't decide the premium, no-claim bonus etc...

3. If 100 tokens can get me just 1 insurance then does that mean I need to buy token every time I intend to buy an insurance? Does that mean you are planning unlimited token supply?


1. Nothing in life is guaranteed cryptoconsult except death and taxes, ha! However what we can guarantee is that our first year will involve providing the most competitive insurance available, even if at the expense of no revenue, creating a greater community and higher demand for our tokens = higher value of token where ICO investors will profit. With a large community Legacymarket will have the power to negotiate better deals with insurers.

2. Won't be able to decide the premium - Underwriters of chosen provider will do that.

3. Unlimited supply has been considered but not preferred, instead ways to circulate tokens are under thought - continuous referral program, no-claims rewards, marketing bounties.

Another option we're considering is having separate utility tokens for different insurances, and when our exchange is launched - include a security token available to exchange with current utility token holders at ICO, as well as the option for new customers to buy them (at a higher cost)...   
jr. member
Activity: 228
Merit: 1
GPTCash Weekly Airdrop: https://discord.gg/RWPEsRa
Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

Your company offer also as an adviser, any token can be offer to your company and can be use as a payment method.

I think this comapny will be success, good luck
newbie
Activity: 4
Merit: 0
Cryptoconsult - Thank you for your valid contribution.

Blockchain will make insurance more affordable, but not cheap. The idea behind using the token to discount insurance further is creating a greater value for token in the future. By maybe using a 'No-claims' annual token reward system, customers will have the benefit of then utilizing the token to discount their insurances

Two questions following your earlier response:

1. What has blockchain to do with affordability of Insurance?

2. How will tokens discount the insurance? Are you an insurance company or just a marketplace?

3. Can you elaborate further on tagging token to No-Claims reward? How will this work? Let's assume I purchased 100 tokens in your ICO. Now what all can I do with these tokens?



1. Unless mandatory ie. car insurance, most insurances are an extra expense a lot of people choose to live without. With a blockchain solution cutting out the middlemen we aim to make insurance something of a very affordable acquisition, a necessity as opposed to a luxury.

2. Initially we will not be an insurance company. Just a market place linking customers with products.

3. If you purchase 100 tokens in our ICO firstly - You will have access to buying insurance on our platform. Secondly (tentatively) we are considering the ability to utilize tokens to off-set insurance premiums further to the calculated quote and up to a percentage of, for example 20%. Hopefully this answers the second part of Q no.2 also..

We want to create a product that the crypto community have tailored to their needs, and are still open to all possibilities of token utilities.    

1. As long as you aren't deciding the premium amount how can you guarantee affordability. Wouldn't LegacyMarket be making money on every insurance that gets sold through its platform? As opposed to insurance brokers, you'll have a running operational, technology and other expenditures. Not sure if you are factoring these cost before talking affordability.

2. This means you can't decide the premium, no-claim bonus etc...

3. If 100 tokens can get me just 1 insurance then does that mean I need to buy token every time I intend to buy an insurance? Does that mean you are planning unlimited token supply?
newbie
Activity: 3
Merit: 0
Legacymarket,

Help me understand cutting the middlemen in your Car insurance example. I use https://www.policybazaar.com/ all the time in India to buy my Travel, Car and other short-term insurances. I mean, I pay them and policy is inbox. Ain't you looking to do something similar here? Or, is there something more which I am missing. Let's say I have a no claim for the first year - that I get a benefit even in *without blockchain* scenario.

Can you help me improve my argument if I am missing any details?

Thank You.
newbie
Activity: 13
Merit: 0
Cryptoconsult - Thank you for your valid contribution.

Blockchain will make insurance more affordable, but not cheap. The idea behind using the token to discount insurance further is creating a greater value for token in the future. By maybe using a 'No-claims' annual token reward system, customers will have the benefit of then utilizing the token to discount their insurances

Two questions following your earlier response:

1. What has blockchain to do with affordability of Insurance?

2. How will tokens discount the insurance? Are you an insurance company or just a marketplace?

3. Can you elaborate further on tagging token to No-Claims reward? How will this work? Let's assume I purchased 100 tokens in your ICO. Now what all can I do with these tokens?



1. Unless mandatory ie. car insurance, most insurances are an extra expense a lot of people choose to live without. With a blockchain solution cutting out the middlemen we aim to make insurance something of a very affordable acquisition, a necessity as opposed to a luxury.

2. Initially we will not be an insurance company. Just a market place linking customers with products.

3. If you purchase 100 tokens in our ICO firstly - You will have access to buying insurance on our platform. Secondly (tentatively) we are considering the ability to utilize tokens to off-set insurance premiums further to the calculated quote and up to a percentage of, for example 20%. Hopefully this answers the second part of Q no.2 also..

We want to create a product that the crypto community have tailored to their needs, and are still open to all possibilities of token utilities.    
newbie
Activity: 4
Merit: 0
Cryptoconsult - Thank you for your valid contribution.

Blockchain will make insurance more affordable, but not cheap. The idea behind using the token to discount insurance further is creating a greater value for token in the future. By maybe using a 'No-claims' annual token reward system, customers will have the benefit of then utilizing the token to discount their insurances

Two questions following your earlier response:

1. What has blockchain to do with affordability of Insurance?

2. How will tokens discount the insurance? Are you an insurance company or just a marketplace?

3. Can you elaborate further on tagging token to No-Claims reward? How will this work? Let's assume I purchased 100 tokens in your ICO. Now what all can I do with these tokens?

newbie
Activity: 13
Merit: 0
Is there any website for the Legacymarket - platform? I mean the idea is good, but you should provide further links describing the idea as a whole, in detail.

Hi Gregmant,

Our main focus presently is completion of our Whitepaper & technical paper. Domain names are purchased, website will be created immediately after finalization of main tasks.
newbie
Activity: 105
Merit: 0
Is there any website for the Legacymarket - platform? I mean the idea is good, but you should provide further links describing the idea as a whole, in detail.
newbie
Activity: 13
Merit: 0
insurance system in my opinion is still not comprehensive, maybe with the joining of this project, will help all the shortcomings in insurance will be resolved and resolved

Hi l10no,

Yes I agree, being in the Insurance industry for numerous years makes us passionate about providing a complete transparent solution to replenish an industry that has been tarnished through bad advice and fraudulent claims.

What would be your thoughts l10no on signing a smart contract online for an insurance product without any human interaction? 
newbie
Activity: 13
Merit: 0
My bad. I wrote less than what I thought ;-) This happens when you work on weekend  Huh

Let me put another attempt to Question:

Are these tokens "Equity Tokens" (as investor we hold value in business along with voting rights) or just a utility - means of access to service?

Sorry to be the pain; but,
How does Insurance gets listed here at the first place?

We are considering all options.. Equity tokens would open us for regulation and has a benefit of targeting accredited investors, however a utility token has less complications. A mixture of the two is also something we are considering.

'How does insurance get listed here at the first place?'

The platform is to act as an agregator, creating an alternate stream of business for insurance providers at none of the high commissions currently paid to third party brokers. Their API's will interact with our deep learning AI forming a complete automated system. Listings of such insurance companies will be easily attained due to my team possessing years of Insurance experience and relationships with most international providers.  
full member
Activity: 518
Merit: 101
insurance system in my opinion is still not comprehensive, maybe with the joining of this project, will help all the shortcomings in insurance will be resolved and resolved
newbie
Activity: 3
Merit: 0
My bad. I wrote less than what I thought ;-) This happens when you work on weekend  Huh

Let me put another attempt to Question:

Are these tokens "Equity Tokens" (as investor we hold value in business along with voting rights) or just a utility - means of access to service?

Sorry to be the pain; but,
How does Insurance gets listed here at the first place?
newbie
Activity: 13
Merit: 0
1. Any specific reason for considering face recognition for insurance compare?
2. So, utility token here is not an investment but more of a behavior of currency?
3. Will it be openly traded or just in your platforms?

Hi amiteshanand,

1. FR will provide better quality of identification and generate instant quotes for customers at little input - Opposed to current online insurance platforms that require customers to type all their required details into the system, FR linked with Blockchain offers an instantaneous quotation system and will not store people's data like current systems.

2. Could you please elaborate on the question?

3. Yes, token will be openly traded.

newbie
Activity: 3
Merit: 0
1. Any specific reason for considering face recognition for insurance compare?
2. So, utility token here is not an investment but more of a behavior of currency?
3. Will it be openly traded or just in your platforms?
newbie
Activity: 13
Merit: 0
Cryptoconsult - Thank you for your valid contribution.

Blockchain will make insurance more affordable, but not cheap. The idea behind using the token to discount insurance further is creating a greater value for token in the future. By maybe using a 'No-claims' annual token reward system, customers will have the benefit of then utilizing the token to discount their insurances
newbie
Activity: 4
Merit: 0
Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

What all Token Utilities have you planned to offer? Knowing a few of them may help in thinking about other utilities. The concept sounds good for sure and has a definite use case around Blockchain.

Hello Cryptoconsult,

Currently in mind to use the tokens within the platform to discount insurances.

Could you contribute any additional utilities you would like to see?

Shouldn't product discount should be the primary reason behind moving to the Blockchain? I mean why do you need to have a token for that. Without any middlemen the insurance should come at discounted price by default. Better if you could elaborate on this utility.

One of the utilities could be around tokens acting as a Key to access the platform and get customers. For Example- X number of tokens gives platform access for Y months or Z customers, whichever happens first. X, Y, and Z will vary per type of businesses/individuals taking part in ICO. Like Hospitals, Doctors, Insurance companies etc......
newbie
Activity: 13
Merit: 0
Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

What all Token Utilities have you planned to offer? Knowing a few of them may help in thinking about other utilities. The concept sounds good for sure and has a definite use case around Blockchain.

Hello Cryptoconsult,

Currently in mind to use the tokens within the platform to discount insurances.

Could you contribute any additional utilities you would like to see?
newbie
Activity: 13
Merit: 0
where i can find more technical information?
i thinks your idea very interesting, but i don't understand, how exactly technical you will create this one.

Hello olegoleg117,

Our Whitepaper + Technical paper are currently under construction (Release date to be announced soon).

What kind of technical difficulties do you see in creating such platform?

What kind of utilities would you like with the token? 
newbie
Activity: 4
Merit: 0
Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.

What all Token Utilities have you planned to offer? Knowing a few of them may help in thinking about other utilities. The concept sounds good for sure and has a definite use case around Blockchain.
full member
Activity: 392
Merit: 100
where i can find more technical information?
i thinks your idea very interesting, but i don't understand, how exactly technical you will create this one.
newbie
Activity: 13
Merit: 0
Legacymarket is an online Blockchain based price comparison platform for insurances. Instant quotes are calculated upon facial recognition with the option for the customer to then accept, forming a smart contract between insurance provider of choice and customer.

The problem:

The current insurance industry - Paper systems, lack of transparency, fraud, bad advice, expensive premiums, lengthy beneficiary payouts.

The solution:

>>Legacymarket<< - Smart contracts, Blockchain technology, deep learning AI system, facial recognition ID, elimination of brokers, cost-
                                 effective, faster payouts.

What kind of Token utility would be preferred by people?  Suggestions are welcome and the best ones will be added to our Bounty program.
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