InsurAce Claim Assessments

Dear InsurAce Community, following a recent claim, we would like to take this opportunity to remind you of our claims process. Details of the recent claim are here. The Claims Process is highlighted at the bottom of this post.

We have received a claim request over the weekend, and the Advisory Board has completed the investigation process (check attached report for reference, the proposed verdict is: Reject the claim). Now we need users to stake INSUR tokens to become claim assessors and vote on the claim.

The full report can be found by clicking here

Staking Portal for Claim Assessor:

Voting Start Time: 09:00am SGT (UTC+8), Thursday, 24 June, 2021

Voting Duration: 36 Hours

A few key points:

  • There will be 1000 $INSUR tokens set as the total rewards, to be shared among claim assessors on the winning side proportionally.
  • Users may stake any number of INSUR tokens to become a claim assessor, and maximum voting rights is capped at 5% per capita.
  • Users will be able to un-stake their INSUR tokens 3 days after their voting, to prevent manipulation by repeated votes.
  • Once the voting starts, users will still be able to stake, but will not be eligible for the voting anymore until the next voting starts.

Reference Docs:

This claim assessment is very important for us to complete our first end-to-end full business cycle, look forward to your support.

Meanwhile, we are also in the process to revise and enhance this claim process, welcome to bounce your ideas/proposals as well.

Best Regards,

InsurAce Team

Claim Assessment Process

Step 1: Claim Request

Cover holders need to submit the claim together with sufficient proof of loss during the cover period which is stated in the cover or within 30 days after the cover expires. Find here how to make a claim.

Step 2: Investigation

When InsurAce receives a claim application, the Advisory Board will investigate and verify the case based on the materials applicant submit and other information available. The Advisory Board will then make a Claim Reference Report containing the investigation findings, and draw a conclusion as well as make a reference opinion on the claim.

Step 3: Voting

The Claim Proposal will first be subject to voting by the community Claim Assessor. The default voting window is 36 hours. If more than 75% of the Claim Assessor participate in the voting, this voting will be deemed as Valid Voting. Otherwise, we will consider this as Invalid Voting and this case will be assessed by the Advisory Board. The Advisory Board will have the sole discretion in making the final decision.

For proposals with Valid Voting,

  • if more than 50% of votes reach a consensus, being either “Accept” or “Reject”, we will then move to Step 4.
  • else we will extend the voting window to 72 hours. If the consensus is reached after the extended voting window, we will move to Step 4, else the Advisory Board will have the sole discretion to handle the case.

Step 4: Complaint Period

Once the voting is finished and a result is out, there will be a 24-hour complaint window for this claim. Anyone may file a complaint with a fee equals o 1% of the claim amount. The Advisory Board will have the sole discretion to handle the complaint and make the final decision.

If no complaint is made, we will proceed with the community voting result.

Step 5: Payout

If the claim is approved at the final stage, we will then make the payment to the claim applicant.

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