On day one of TokenSky, Japan’s most important blockchain event, The Coin Shark sat down with Otbert de Jong, co-founder of Inmediate: a Singapore insurtech platform.
Good afternoon. Please, tell us about the mission of your project.
Hello. Our official mission statement is to make insurance more readily available in a simple, reliable, cheap and transparent way to anyone, not bound by place or time. Our investors sometimes joke that I’m too philanthropic about this, but our big insight was that what is good for consumers is also actually good for the industry. All stakeholders in the insurance world can benefit greatly from clear, automatically executed smart contracts. Consumers get clarity and less hassle. Insurers can automate large parts of their operations and save a lot of money.
How will token buyers benefit from your project?
We are the first company to bring the entire insurance ecosystem to the blockchain. There are other initiatives out there that are trying to move parts of the process to a distributed ledger, but we’re doing the whole thing. The idea is to build a platform that is broadly adapted so all participants in the process speak the same language. If we pull it off, which we will, investors are looking at a global opportunity. Our token will be used by insurers to pay for services on the platform and for insurance. As the volumes increase, scarcity will increase the token value, rewarding the early buyers.
Which country are you located in?
We’re in Singapore. The first version of our platform will be build for our home market. From there the idea is to scale Inmediate. Japanese MSIG is one of the participating insurers actually!
When does your TGE start?
The private sale started on July 1, the white listing for the public token sale starts on July 6. Announcements are always made on our Telegram channel.
What are your soft cap and hard cap?
The soft cap was USD 5 million, but we already broke that in the pre-sale. The hard cap is set at USD 16 million.
Can you tell us more about yourself? Who are you? Did you have similar experiences in the past?
I’m a Dutchman but I’ve lived and worked in Asia for decades. First as a director at a big bank. Later as a partner with one the Big Four consultancy firms. I went on to found my own consultancy – aimed at risk management in the insurance industry. That later led to a insurtech startup: insurancemarket.sg. So yeah, I have a couple of decades experience in the insurance industry and with starting up. But an ICO is a whole new experience: there’s no playbook of blue print that we can turn to. It’s exciting new territory.
What is the difference between a DIT token and the others? Name its advantages.
DIT powers the services and transactions within the ecosystem. It’s the way for insurers and distributors to pay for network access and also for running customer rewards programs. Each insurer and distributor is required to maintain a minimum amount of DIT to enjoy the services of the network. Consumers can get paid in DIT. Say you have travel insurance and your flight gets delayed. The smart contract honors that deal as soon as the data of the delay comes in and DIT lands in your wallet instantaneously.
What are your global goals? How will your project change the world?
I think the goal for everyone in the industry should be to come together and create a standard when bringing insurance to the blockchain. That is in the consumers best interests as well as the industry. What we’re doing is creating an outline, a sketch, of what that would look like and we’re asking people to stop experimenting in their own little labs and come on board. That strategy is working since many big players have already signed on. If we become that standard: great. But it’s not about us. It’s about getting people the right insurance.
The Coin Shark does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions. The Coin Shark is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the article.