2017 Message from the CEO: Taking Insurance and Asset Management Operations to Blockchain

  • by Phiwa Nkambule |
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Let me start by greeting you in 2017, I hope you are still in good financial health.

The year 2016 was the most difficult yet fruit year for us. We managed to put the company on the world map, built strong relationships with industry players and successfully dealt with all regulatory issues. We also took time to working on financial service operations models and systems that would allow us to deliver products and services cheaply, effectively and sustainable and two area we dwelt in are blockchain and artificial intelligence.

With the introduction Ethereum and smart contracts we’ve managed to learn how we can place insurance and asset management operations on blockchain to reduce operation costs and increase efficiency. Smart contracts will allow us to automate most of the operations drastically reducing costs and increasing customer satisfaction.

AI has been part of our strategy since our inception. We’ve grown from the use of AI just for data analytics to using it in customer engagement. Part of this includes the development of our chatbot called Smart Broker accessible through Facebook Messenger which has the ability to assist a customer with on-boarding and with claims.

The company also has everything in place to launch its Initial Coin Offering (ICO) in which it aims to raise about R2.5 billion from cryptocurrency investors around the world for a hedge fund that will make it possible for its “Private Investor Backed Insurance” model to come to life. An Initial Coin Offering is similar to an Initial Public Offering in that the original investment funds in this ICO are used for funding the company or new project, and after the fundraising, the “coins” created are then available for exchanges where they can trade for more or less than they were originally bought for. These coins are comparable to equity. The coin we will be issuing on blockchain through our ERC20 compliant smart contract is called the Parium.

We hope that 2017 will be a greater year and that we will continue to change the game over and over again in South Africa, Africa and the rest of the world.

Phiwa Nkambule
Co-Founder & CEO

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