InsurAce.io went live in April and has shown tremendous growth. Until September only a single claim has been submitted to InsurAce.io which has been rejected in line with expectations. A report provided by the Advisory Board in regards to this claim can be found here.
In line with a decentralised governance model, InsurAce.io has listened to the community and implemented an Appeal process which allows the user to appeal in case the claim was falsely rejected.
The InsurAce.io Claims Process is as follows;
You are a victim of an exploit and submit a claim within 30 days, (maximum up to 15 days after coverage expiration)
2. Advisory Board will start an investigation
They will consider the information provided by the claimant [proof of loss] and other public information.
They will write a Claim Reference Report with the results of their investigation, a conclusion and a reference opinion.
3. The Claims Assessors vote
A simple majority is needed (more than 51%) to approve or reject the claim.
If fewer than 75% of these Assessors vote, the voting will be considered invalid. In this case the advisory board will review the case, and can make their own final decision, based solely on their own discretion.
The Assessors are $INSUR token holders staked into the InsurAce.io dApp who are rewarded for participating in the vote.
4. Appeal period of 24 hours
The policy holder can dispute rejected claims at a cost of 1% of the claim amount.
The Appeal is handled by the Advisory Board who have sole discretion of making a final decision.
5. Claim is approved or rejected. This decision activates the smart contract.