Surity | Decentralized Insurance Market platform

TRON Hackathon Hackathon Season 6
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Project Name: Surity

Project Track: DeFi

Team Name: The Aresians

Team Member(s):

DevPost Project Link: coming soon

Project Goal:
We aim to develop a platform that allows insurance marketers to create and manage their custom insurance policies. Through our platform, insurance marketers will have the capability to design and customize insurance schemes.

To ensure transparency and reliability, the marketers can choose to add a public premium calculation function (in some programming language) which will be publicly visible to all potential buyers. This function will be responsible for calculating premiums for each policy based on specified parameters and risk factors. Additionally, the function will evaluate the eligibility of applicants and assess the feasibility of issuing policies, enhancing confidence in the fairness and accuracy of premium calculations.

Furthermore, there will also be an option to add a claim validation function designed to verify the legitimacy of claims submitted by policyholders. This function will utilize predefined criteria and automated processes to validate claims, thereby streamlining the claims adjudication process and minimizing the risk of fraudulent claims.

These policies will be made available for purchase through our web platform. Users will have access to a catalog of available policies, each having detailed information regarding coverage, premiums, terms and conditions and also the aforementioned functions for claim validation and premium calculation will also be public.

Project Value: Coming Soon…

Project Info:
Github link : Surity | Decentralized Insurance Market · GitHub
Twitter link: https://x.com/surity_d
Survey link: https://forms.gle/7bDrA7w1pUuxuZLn7

Project Website: WIP

Project Test Instructions: WIP

Project Details:

Highlighted below are few things we have in our mind regarding the scope of the project
User-Centric Functionality:

  • The platform serves two primary user roles: insurance providers and policyholders. Insurance providers offer various insurance policies, while policyholders purchase and benefit from these policies.
  • Users have the option to stake in different insurance policies using a unique staking mechanism. For every USD contributed, users receive 1 platform token. They can withdraw their USD at any time.
  • Monthly, a fixed amount of “surity tokens” is released to reward participants. 10% of these tokens are retained by the platform, to make profit and no tokens from the stakes / insurees would be taken as a fee, while the remaining tokens are distributed among stakeholders according to their stake ratios.
  • Out of the initial supply, in the first month we will release 20% of the total supply then every consecutive month, we will decrease the released coins by 20% so it will go like, 20%, then 16%, 12.8% and so on…
  • Marketers play a pivotal role by creating new insurance policies and providing transparent functions for premium calculation and claim validation. These functions are accessible to users, ensuring transparency and trust in the insurance process.
  • Policy providers can also stake in other policies.

Customized Staking Mechanism and Policy Visibility:

  • A custom form empowers users to specify conditions to stake in other tokens like Sol, Link, Eth, Trx. These conditions include triggers such as deposit into the pool through premium, deposit through staking, time duration, or general deposit into the pool.
  • Additional conditions, such as specific amounts or ranges of received deposits, are configurable. Users can also specify the percentage of money to be staked and the target destination for their stake.
  • Each insurance policy page provides visibility into the allocation of pooled funds and details of customized automated investments. Users can track how their stake is utilized and the automated investment strategy implemented for each policy.

Smart Contract links: Coming Soon…

Project Milestones:

9th April 2024 - We are currently working on defining the scope of the project, Community can expect on update soon.

14th April 2024 - We are working on the frontend part of the application first, Till now we have developed the Sidebar navigation, policies page, staking stats etc.

16th April 2024 - We are now working on the smart contracts and server, we have made the homepage, create new policy page, and a simple drawer form to define automated investment policies by marketers in the frontend.

24th April 2024: Made improvements on creating new policy, and buying of policy, incorporated more factors in them on the frontend. Created a InsuranceController smart contract which represents an Insurance policy

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Glad to be on the Surity team!

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You are welcome. Insurance on blockchain, do we have such project already in the system?

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Hello, To my knowledge I have seen many projects which provide insurance but they are generally targeting a specific audience, Even we have made a web3 project (not on Tron) in past based on agriculture insurance where we were calculating the premium based upon the condition and what kind of crop any farmer plans to grow on the land.
More about that project: agrosurance · GitHub

Inspired by it we thought of developing a generic framework which can be used for developing such platforms.

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ok thank you,
so with this project are you targeting our traditional insurance companies to use this platform or companies already on blockchain

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I’m looking forward to your website. You have 1 month, friends. Please proceed carefully and firmly.

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Welcome to season 6, good luck!

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Welcome to hackathon season 6
How will you ensure the security and reliability of the publicly visible premium calculation and claim validation functions, because these functions hold significant power in determining policy pricing and claim payouts.

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Mainly, we would be targeting both and even newbies who reckon they have a sustainable plan.
Since, trust on platform would not just be linked to your / your organization’s name but also the functions that’d be public. The main reason for having these functions public is so people can assess if the policy’s method of calculating premium and validating claims is “Fair” according to them.
Thus, the platform is a good choice for both organizations and newbies as long as they could gain trust in one way or another.

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Thanks Okorie!

Interesting point you bring up, ofcourse having public functions is a way for policy marketers to build trust but keeping these private may also be a requirement.
Thanks for pointing this out. I think a possible solution can be… since we will also have the option to manually satisfy the premium requests and claim requests.
It may also be plausible to store said function but run it during manual verification and encrypt the function with a password, which the manual verifier can use to run these functions.

We’ll have to think more about this

Thanks for your feedback!

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The idea is quiet cool .But I don’t understand why the need of Blockchain in this project?

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I am welcoming you to the Season 6 Hackathon, I want to know how your platform will generate revenue so it will be able to sustain itself in the long run

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Welcome to this hackathon season 6. With all honesty, this sounds very strange to me but just for the love of innovation, I will like to know how insurance marketers will use your platform to create and customize insurance schemes and what specific tools or features they need for designing policies.

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Welcome to Season 6, it’ll turn out to be a season to remember imo, I’ve carefully read your project and still don’t understand the mechanics surrounding it but a decentralized insurance market platform with customisable insurance plans appears promising since it satisfies the demand for transparency and personalization in the insurance sector. I’ve a question in all of these;

How would you make the platform as user-friendly as possible for insurance marketers and policyholders alike?

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Hi maaz, Thanks for the compliment!
Blockchain would help in the following areas:

  • Transparency - All users would know and be assured of how the policy marketers are investing their money, validating their claims, generating their premium costs, settled claims and other things without having to trust a centralized source.
  • Liquidity - Blockchain offers ability to add unique incentives for people who are willing to maintain liquidity for policy marketers, we will have a staking system where people can stake tokens for policies of their choice, the policy marketers can even choose where to invest the money they get and we will automate the proccess (again using the power of blockchain)
  • Rewards - Blockchain platforms almost always have a way to reward the user. This won’t be any different. anyone who stakes money with out platform, regardless of which policy they choose to stake this money for, our platform will reward them with our tokens (lets call them SureCoins for now). The reward will be generated from the total initial supply of the token. the rewards will be proportionately divided based on your staking amount. To maintain the token’s value, it will be released every month and the percentage of initial supply which will be released will start at 20% and decrease by 20% every month.

Those are a few things I could name off the top of my head right now but I will have a detailed mention of Blockchain’s need in this project in the project description.

Please let know if you have any other feedbacks

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Hi, In an answer to @maaz, I mentioned having a token reward system for stakers.
A way for the platform itself to make profit would be by having a tiny percentage of this generated reward for itself. we are taking a share of the tokens which we have generated and thus no premium money or potential insurance money will be shared with us as profit.
Since the tokens we generate will have an inherent value of being only obtainable via staking on our platform and since we would also be releasing them in a decreasing curve the tokens would maintain their value.

Also, this would provide an incentive for earlier stakers as there would be more tokens released in the initial phases than in later ones. (release amount would start at 20% of initial supply and go down by 20% every month)

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@marsian It’s really not a good look at all to skip my question, deliberately. I say deliberately cause it’s glaring, the question is literally staring everyone in the face.

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Hi, I am sorry but I could not properly understand what you meant to ask.
I will try to answer still, let me know if I can clarify any further.
In terms of tools and features, we will try to make our platform as user friendly as possible, we will include as many tools as we can for the policy marketers to be able to customize their policies. I will name a few configurations off the top of my head

  • premium calculation methodology
  • claim validation methodology
  • where incoming stakes + premium money should be invested

and others, we will keep y’all updated on our progress and what configuration we add.

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yes, the major benefit we get by introducing blockchain to this concept is transparency and also automation. I think my answers to a few other questions would have clarified things up a bit but as per the user friendliness, I believe the first thing we can do for that would be based on the user interface, an easy to navigate and understand UI already makes the application seem easier and friendlier to use.

besides, there’s one thing which we are not sure about as of now.
We will have the premium and claim functions public but I think the implications of that are extremely narrowed down to a technical audience only. some form of way to explain the code without losing / adding any information might prove difficult to implement but we do have that planned.

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weird how it came off as ignorant towards your question.
As you can see I was replying to the questions in a chronological order, the two questions I responded to were made before yours.
even a reply to @Chukseucharia was pending.

After replying to maaz and ines_valerie I had to attend to a few things and then didn’t check up on the forum till now.

It was definitely not an intentional and deliberate thing to have ignored your message / question

1 Like