insurEco Wallet Whitepaper
The next generation of commission is here
insurEco Wallet Vig Settlement System
- Executive Overview
- Customer Journey and User Stories
- Main System Objects
- Primary System Engines
insurEco System - 1. insurTech 2. Markets 3. Finance
insurEco Banking Opportunity
There is an opportunity in the insurance banking market, We are seeing a shift to online/digital based wholesalers who are automating processes and accounting is the most difficult to transform. We will provide an easy way to start doing business digitally.
Insurance only has a few systems that track the premium dollar, but nothing as comprehensive as an ecosystem. Agent’s have a hard time with accounting, and they need tools that will allow them to focus on what they do best; selling insurance. Our tools help them with the tax and regulatory requirements which are often times unkown. Carriers and markets can take advantage of the commisison tracking and also deal with instant premium forwarding to carriers and automated tax and compliance payments.
The future of Insurance requires automated payment settlement for claims and other contractual payments like commissions and taxes to state agencies. Claim reserves can be placed into a automated wallet to hold the reserves for automated payouts when certian triggers are broadcasted. Think of the flight cancellation claim.
Gain New Accounts Through EcoSystem Members
We are gathering all the information needed to open a trust account, and we could find a way to get them to fill out a new account application and handle signature requirements for opening the new account. We can offer this service as an add-on for “Automated Accounting”, or if they are just needing a new banking relationship. I feel this could create a lot of new accounts, as we currently have over 4,000 insurance agents in our system.
Use Trust Accounts Exclusively For Insurance
We can run money through these accounts with the insurance that is tracked through the platform. PolicyPay will be aking the down and monthly payments directly from the insured via CC or ACH. USD will be deposited into a trust account at BANKX, for the purposes of distribution to other banking institutions trust accounts or wallet transfers. It is our vision to have the whole insurance supply chain having trust accounts at BANKX, (Retail Agent, Wholesale Agent, Underwriter, Carrier, Reinsure Broker, Claims TPA).
The Vig System
a vig (smart contract) system that adds to the insurEco Wallet for tracking direct and agency bill commissions to the agency, and also giving the party the ability to payout sales commission to salespeople automatically.
Why a bank?
The bank is an integral part of the Unicorn scenario. We are currently setup to adopt the OpenBBVA system, or one of the others like them, but why not just buy a bank that is small and then make it the dedicated platform for the wallet system. So, any ecosystem product offering, “Blockchain Accounting” to tell users what needs to be paid, the wallet system allows them to settle the payable/ receivable.
- Vig Juice
- Surplus Managment
- Parametric Claim Reserves
- Surplus Note Loans
- Agency Trust Accounts
- Debit Card - Greendot for insureds
We could use the money that is deposited to loan back to carriers and program managers for surplus, and we could offer a “GreenDot Style” banking solution with integrated insurance coverage for SMB like Contractors and Truckers…etc. There are endless ways to get new deposit accounts through tech and marketing initiatives, and we will have a few paths to holding Claim Escrows and Trust accounts.
License Platform or Buy a Bank - License a platform or we buy a small bank, and then use it exclusively for trust accounts for paying commissions and claims in a parametric fashion. Claim accounts and surplus accounts will have high deposits, allowing loans to be issued through the federal banking system. If we just license the platform we can’t have that…I would think that would be valuable…we could go find a small bank and resurrect it into our ecosystem banking platform.
Customer Journey and User Stories
These are the highlevel functionality that will be needed.
Main System Objects
This is the main binding object for the insurEco Wallet
|_id||$oid||x||Wallet Hash Address|
|_iecAdId||$oid||x||Azure AD ObjectId|
methods and functions
This is the atomic amount that we are tracking.
methods and functions
This is the agreement issued on the wallet system which will send a predefined amount of token from one wallet to another. Rules can be applied to primary methods to restrict settlement.
- In Review
- Pending Rule
- Pending Settlement
|issuingParty||$oid||x||IEC identity of who is issuing the contract’s vig|
|claimingParty||$oid||x||IEC identity of who is claiming the contract’s vig|
|issuingWallet||$oid||x||IEC wallet token will pull from on initVigCon|
|claimingWallet||$oid||x||IEC identity of who is claiming the contract’s vig|
|escrowWallet||$oid||x||IEC wallet acting as the escrow (system or user)|
|vigPlan||$oid||The vigPlan used to create the vigCon|
|agreeDate||date||x||Date reviewed and agreed|
|executionDate||date||x||Date trigger was recieved to execute settlement|
|settledDate||date||x||Date the claiming transaction was completed|
|status||string||x||Status of the vigContract|
|triggers||array||x||Conditions of execution|
|rules||array||x||Conditions of settlement|
methods and functions
This is the order that will be satisfied by the system wallets to convert USD into IEC
Primary System Engines
vigmon (Execution engine for vigCons)