The risk management sector is currently characterized by various problems that make it very expensive to be part of. For one, there is a very high barrier to entry. Those various problems include in:
1. High Channel Costs.
Intermediaries that charge a huge amount for the services plague the current value chain. This makes the risk hedging cost quite high.
2. Centralized Product.
Most products in the risk market are designed to be quite similar. This is usually great for mass distribution. However, those that have unique risk profiles usually end up being left out. This way, these risk management products fail to operate optimally.
3. User Data Privacy.
In the traditional insurance market, the insured have to submit various personal documents. This data is stored on a central server and it is prone to misuse and theft.
4. Opaqueness OTC Derivate Market.
This opaqueness in how risk is calculated leads to distorted risk measures and thus low-value pricing for those who purchase the products.
This opaqueness in how risk is calculated leads to distorted risk measures and thus low-value pricing for those who purchase the products.
5. Tedious and Complex Claiming Process.
An insurance claim that is made by consumers will usually take weeks or months to process. This is because most insurers have yet to upgrade their verification process. Besides that, the monetary transfers through banks are also quite slow.
Let me introduce you to GLOBAL RISK EXCHANGE (GRE), you can found it online at: https://www.gref.io/, which is going to revolutionize the risk management sector by offering services in an efficient, personalized, and fast manner.
What Is Global Risk Exchange?
Global Risk Exchange (GRE) is a blockchain-based exchange market for risk. The aim is to build the infrastructure and trading platform for risk management industry in the blockchain driven world in the near future, by providing a fundamental protocol for the creation of risk events, pricing, trading, information collection and oracles to verdict specific risks. It will enable individuals and institutions around the globe to achieve risk and return equilibrium.
The future is always full of risk, nobody can predict with certainty what will happen even a week from now. The only solution to these issues is to manage the risk using insurance for the masses and derivative products for institutions. This will help to mitigate uncertainty about the future.
The risk management sector is quite huge. In 2017, the gross transactions were $4.8 trillion USD. This figure continues to grow. GRE will be a platform based on the blockchain, which wants to revolutionize the risk sector with instant risk transfer with just one click.
What Is The Solution GRE Offers?
The company provides a decentralized platform where insured can submit risk demands and underwriter can accordingly define policies and rates, and insurer can provide capacity. It’s a platform where policies and transactions are driven by real demands, where individualized and fragmented coverages are made possible, and insurance production is made agile.
Global Risk Exchange redefined insurance policies in the form of Smart Contracts, where efficiency in underwriting and claim adjustments is much improved, cost per transaction is lowered, and user privacy can be utmostly protected.
GRE also creates a secondary market where insurance assets can be traded between users, be it insurance policies or insurance capacities, as risk perceptions can alter fromtime to time.
How It Works?
Global Risk Exchange democratize the creation of risk management tools using blockchain based smart contract, enabling any individuals and institutions who has risk management needs to create, trade and shift risks to others who are willing to take on those risks. It’s a platform where risk management policies and transactions are driven by real demands, where individualized and fragmented risk coverages are made possible, and insurance protections are made agile.
It leverages a blockchain based decentralized exchange to help participants in the risk management contract, insurant(party who pay for premium and sell his risks), insurer(party who receive premium and take on other party's risks) and contract designer(who measures individual risks and design the contract), transact and profit from their own information and understanding of risks. The market price of the risk contract represents the market consensus and the wisdom of the crowd, which is the best measurement of the risk at the moment.
The company enables a much larger base of insurance capacity providers other than traditional insurance companies and reinsurance companies, which are centralized, tightly regulated and capital intensive. Those new capacity providers can bring more liquidity and information to GRE platform and can profit from GRE by taking on various kinds of risks they understand, while making the whole risk exchange market more efficient by bring bringing down entry barrier for both insurant and insurer, maximizing liquidity and information flow.
Who Behinds GRE?
GRE Development Team:
Paul Qi
Actuarial master of Boston University, has worked for many years in the United States as actuary. Founder and CEO of OK auto insurance and has extensive influence in the global insurance technology circle.
Charles Huang
Morgan Stanley Asia Pacific Investment banking sector TMT industry analyst, investment manager at IDG capital fintech team, fintech and enterprise service entrepreneurs.
William Jin
Senior architecture & technical leader at Shanda and Co-founder and CTO of OK auto insurance.
Angela Li
Master of Finance at Fudan University and has 3 years investment experience in start-ups focusing on fintech and healthcare.
Mara Wang
International MBA at NEOMA Business School. Experienced in marketing and public relations with a demonstrated history of working in finance and insurtech industry.
Alberto Pedro Gabriel
Founder & CEO of Segurarse.com, an Insurtech company in Argentina, Brazil and Uruguay. Chairman of Cruz Suiza, a leading life Insurance Company in Argentina.
Frank Desvignes
Founder & CEO of AXA Asia Innovation Lab.
Kazy Hata
Founder & CEO of justinCase, an insurtech startup in Japan. Actuary in Milliman and Munich Re.
Li Jun
CEO of Yibite, early researcher and investor of Bitcoin
Chia Hock Lai
Chairman of Singapore FinTech Association, Fellow of the Singapore University of Social Science, advisor to Startups and mentor to student FinTech projects.
Shen Bo
Founder of Fenbushi Capital Co-founder of BitShares
James Gong
Founder of ICOAGE (Used to be the largest ICO platform in China) and Blockchain Pencil and published several books on cryptocurrency.
LD Capital
LD Capital is a leading investment institution focusing on the field of blockchain. Founder: Lihua
Global Risk Exchange (GRE) Information Links:
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