Making insurance easy and transparent with the power of the blockchain.
When talking to representatives from the SpartaHack sponsor Auto Owners Insurance, we were immediately interested in their hack for this year: "Best Hack to Prevent A Loss". From there, we tried to define loss; trying to veer away from the conventional definitions such as monetary loss. We soon realized that a very valid form of loss is loss of trust. While not tangible, loss of trust has huge impacts on individuals and businesses, especially in an interconnected, modern world. From there, the natural solution was to utilize blockchain: a trustless network with full transparency. Our belief is simple: to have the utmost trust in a system, you should have none at all.
Our solution, Omnescient, provides a trustless infrastructure for insurance-related data collection, claim filing and claim reviewing. The idea is that since all of the information regarding details about the claim is fully transparent to the insurer and the insured. This way, it is easier to trust both parties when information can be freely viewed and checked.