The claim approval process
Last updated
Last updated
At present, there are a few steps in place before claims are paid out:
Insurance moderators will check if the policyholder is within the terms of their coverage. This unfortuanely will be manual during the start up phase, this will be conducted by mods or claim managers. However we aim to approve every registered wallet as they’ve been through regorice KYC process.
The investigation team will assess the claim's value and insurability, as well as check for potential fraud. This will be done by Claim mangers and the two analytics projects Xerchers and CrowdTrends for claims verification. And a possible use of the valuation tools like Firigid https://frigid.ai/dashboard
Once verified, the treasury will process and pay the claim. The keys for now will be held by two team members (Selarte/Mojo) in the future a multisig and governanace will be built on protocol.
The process is set to be streamlined over time — and in future steps, we plan to involve the community by evolving into a decentralized autonomous organization, and allowing members to vote on claim approvals.
