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README.md

This project was bootstrapped with Create React App.

SureFair: Overall Funcional Architecture

SureFair hosts syndicated funds for each category of (insurable) asset type. Each syndicate is crowdsourced by a pool of underwriters (investors). We have provided two example asset classes -for crop insurance and Mac-Book laptop insurance.

Agents / Oracles are external authorirites that provide market-based pricing for specific insurance asset classes. Underwriters of the syndicate elect Oracle/Agents using a voting mechanism.

Upon a customer agreeing on premimum quote and the terms of insurance, underwriters issue a policy -thereby entering into a contract. Each policy is fully collateralized, and the corresponding funds are transferred from the syndicate pool to an escrow account (at the inception of the policy), and is held until the termination of the policy.

A policy is terminated either at the end of its term, or if the customer files a claim and the claim is authorised, the policy is redeemed. If the policy expires (no redemption), then the collateral is relesed to the syndicate pool. Otherwise, the collateral is redeemed as the insurance payout.

Any unpaid premium amounts during a given time interval in the syndicate pool is accumulated as dividends for the investors who participated in underwriting contracts during that period, that is, pro-rated to the amount of their investments.

Why leverage Blockchain?

  • Disintermediate trust between customers, underwriters and agents / oracles.

  • Currency and asset-agnostic syndication of funds for underwriting.

  • Democratic consensus mechanism for underwriters to vote for agents / oracles.

Solidity Contracts

Oracle:

The base-contract for Agent who implements price quoting and claims verification facilities for a specific insurable asset type.

CropOracle:

Example implementation of an Oracle for crop insurance. The specific logic is greaty simplified and this exist solely for the purpose of demonstration.

MacBookOracle:

Example implementation of an Oracle for Macbook laptop insurance. The specific logic is greaty simplified and this exist solely for the purpose of demonstration.

Syndicate:

A Syndicate is for a given insurable asset type. Each insurance contract is underwritten using this syndicated fund-pool. Funds for each syndicate is crowd-sourced from a collection of investors / underwriters, who purchase crypto-tokens for the desired amount of investment. Issuance of a new insurance policy is fully collateralised from the fund pool, and the corresponding amount is transferred to an escrow account (SFEscrow) -see below.

SFEscrow:

Holds total funding collateral for all open policies belongs to agiven Syndicate Conract at a point in time. Collateral corresponds to a given policy is released to the Syndicate pool when a policy is expired, or redeemed to the client if the claim is made during the policy period.

Future Enhanements

  • Improve onboarding process of new (insurable) asset types, creation of corresponding syndicate pools in compliance to local regulation etc.

  • Improve onboarding process of new oracles / agents. Seperate the workflows of initial configuration / code development, from subsequent discovery / usage of oracles within syndicate pools.

  • Expand the consensus mechanism for underwriters to elect agents / oracles for a given syndicate. Thereby providing an crowd-based ratings / review methodology.

  • Support multiple currencies for investment and purchase of policies, and provide a transparent market-based mechanism.

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