In life, we mainly buy insurance, such as car accident insurance, personal safety insurance, etc., to mitigate certain risks. But when it comes to traditional insurance, you need to find a third-party insurance company, pay hefty fees, and sign an insurance agreement before the insurance company will honor it. The insurance company will then dispense the claims once an incident fulfills the requirements of the agreement.

The entire insurance claims process is a whole industry in itself. Once the insured person has an accident and needs to make insurance claims, the insurance company will conduct the claims process through professional assessors. If there are negligence, incompetence, etc., the claims process may be very difficult. Just like autonomous driving, streamlining the claims process through artificial intelligence will be the core factor in the qualitative change of the insurance industry. The emergence of blockchain technology and the improvement of artificial intelligence have made the leapfrog development of the insurance industry possible.

Blockchain is considered to be the next generation of advanced technology following the Internet and mobile broadband. The BIG insurance platform is based on a combination of blockchain, artificial intelligence, and IoT, and is the world's leading customizable and extendable insurance ecosystem. The AURA consensus algorithm with the best public efficiency balance and the POS+DPOS bimodal consensus model are both used to generate new blocks. The platform takes new technology as its core and transforms the traditional insurance process mechanism - digitizing insurance products and modernizing insurance processes to improve efficiency and productivity, thereby generating value for users and participants in the BIG platform. In the BIG platform, users will be able to complete the application process for insurance without having to communicate with the staff on the specific clauses, as these will be transparently displayed on the platform's product page.

When you need to apply for insurance on the BIG platform, you only need to read the specific information of the insurance, and the AI assistant and customer service officer will assist you throughout the application process. After confirming the insurance details, your insurance policy will be immediately packaged on the chain and can be checked at any time. When a claim settlement event occurs, the insurance contract will be reviewed by artificial intelligence in accordance with the terms within the agreement. In the whole process, the smart contract performs auditing, claim settlement, fund disbursement and other related tasks. As such, the claimant no longer needs to wait for a long time, making the entire process much more efficient.

The BIG platform has built a decentralized insurance management system and an insurance marketplace based on the Graphene blockchain technology. It also ensures its efficient operation through a series of economic mechanisms. The BIG platform will be able to optimize its risk management process, simplify claims process, and provide the highest liquidity and the lowest premium rates. On the BIG platform, policyholders, platform managers, third-party actuaries, and users will have seamless interactions, and the market-matching system will ensure that all stakeholders share a balanced exposure to risks, while also eliminating the problem of information asymmetry long associated with traditional insurance. The BIG platform will strive to become the underlying infrastructure of the insurance industry in the blockchain era.

As a long-term veteran and leader in the blockchain field, BIG have actively embraced the adoption of new technology and their infinite possibilities. The decentralized, non-tamperable and transparent nature of BIG’s blockchain can eliminate the security risks of the digital economy. Therefore, it has become a new driving force for the digital transformation of the insurance industry, which would significantly impact the growth of the digital economy in the years to come.