Transforming the Insurance Industry through AI and Blockchain

BAAR, SWITZERLAND / ACCESSWIRE / June 10, 2021 / Artificial intelligence (AI) and cryptocurrencies may seem like an odd couple, but they are a pairing poised for big success. Blockchain is a distributed database technology that has already proved its worth in the financial world, where trust and security play a fundamental role. A decentralized data base transforms the concept of trust in virtual networks, because its users rely on open source code that minimizes the possibility of undesirable actions by third parties.

Without data, blockchain is only a theory with no real-world applications. The information stored in the blocks is what gives the technology meaning, whether it be data about financial transactions stored in Bitcoin transactions or a smart contract that executes instructions from dapps, or decentralized applications (which is how Ethereum became the most widely used blockchain).

The same principle applies to AI, whose value is determined by its commercial applicability. Our company applies AI and blockchain technologies to customer service in the insurance industry. Their deployment significantly reduces the time and administrative costs needed to generate sales, completely transforming the process of selling insurance products.

What is CryptoSara?
CryptoSara is a Swiss-based start-up formed by a group of experts passionate about blockchain, artificial intelligence, and insurance. We have built a platform to serve customers in the insurance industry and plan to keep developing our technology to fully automate customer service in many other sectors.

The global Covid-19 epidemic has shown the vital importance of e-business. We believe we have been given a rare opportunity to change the way the world does business, starting with the Swiss insurance market and then expanding to the rest of Europe and eventually to global applications.

Non-fungible tokens (NFTs) are one of the hottest new digital technologies. To date, their most widespread use has been to certify physical assets such as works of art, photos, videos or their digital equivalents. Will such applications stand the test of time? It is too early to tell. On our platform, NFTs are used to certify insurance policies. This groundbreaking use of the technology is designed to fully automate the process of insurance policy writing. Thanks to smart contracts and NFT functionality, this process is completely secure. The insurer uses its own rules and criteria for selecting suitable policy holders, the security of personal data is guaranteed by blockchain, and execution is fully automated through a smart contract.

Story continues

Huge market
At CHF 87.8 billion (according to the latest available figures from 2019), the equity capital engaged in Switzerland’s insurance industry is enormous. Even multiple economic crises in recent years have not dented employment in the sector, as the experience of the financial crash of 2008-2009 and the Covid-19 pandemic in 2020-2021 has shown. Even in times of global turbulence, the insurance industry has continued to prosper, especially when compared to other sectors, such as banking.

The presence of such significant capital in the insurance sector and the technological innovations that are attracting investment to the cryptocurrency markets dramatically increase the potential scope for our venture’s success.

Supportive environment
CryptoSara is nestled in the heart of a new Silicon Valley – which is why our region of Switzerland, the canton of Zug, has been dubbed “Crypto Valley”. We are fortunate to be developing our venture in such a supportive business and economic environment, especially thanks to its well-designed legal regulations of Blockchain- and Fintech-related activities.

Peer projects on the Swiss market such as Ethereum, Icon, Cardano, The Internet Computer and Swiss Borg have already scored world-class successes. Their proximity gives us access to top-flight talent – an enormous advantage for a venture such as ours.

A Bitcoin-style revolution
Our company’s products form an entire virtual economy, including an application that engages the blockchain community in referenda on the company’s business strategy, an AI-based platform to provide advisory and customer services, an app to verify client documents, and an Ethereum token to give access to our products.

As with any cryptocurrency project, the core of our venture is the token economy. Careful market research, analysis of other projects, and our own blockchain experience allowed us to create an economy that closely resembles Bitcoin, with its limited, asset-deflationary supply (30 million tokens) and rising demand. All this should meet the expectations of the most demanding dapps users.

Summary
Cutting-edge technology, a crack team of AI, blockchain and insurance specialists, and a local Swiss market that has become the leading incubator of world-class blockchain start-ups – all this forms a solid foundation for CryptoSara’s future success. DeFi, or decentralized finance, is the developing field in which we want to become a significant player. By building the technology for this future, we want to change the world for the better.

Media Contacts:
cryptosara.io
foundation@cryptosara.io

SOURCE: CryptoSara

View source version on accesswire.com:
https://www.accesswire.com/651293/CryptoSara-Transforming-the-Insurance-Industry-through-AI-and-Blockchain