Insurance is a kind of industry that lacks transparency, in a way that customers have easy means to compare different insurance company's offers. The industry is known for its notoriously contract clarity and readability, as well as unreasonably high cost for middle mans (sales). Trans Insurance aims remove all these blocks for the customers, giving them a clean and satisfactory experience in buying insurances. We do not act as a middle man whose interest is aligned with the insurance company, rather we construct a clearing house for the insurance industry such that clients and vendors can easily view and compare the available trading options before them. We adopt a modular design of contract that a insurances broken down in tiny pieces and distributed to different vendors, giving the clients and vendors unprecedented freedom in building the perfect blend that suits their needs. Perhaps out greatest advantage is that we are the clearing house of insurance, therefore our profit comes from the satisfaction from both the clients and vendors, which turns our interests align with both the customers and vendors.
What it does
Trans Insurance is essentially a platform for insurance trading. In the front end, customers can log in our webapp and choose a package of insurance, which consists of a collection of tiny insurance modules. A module cover the clients for one particular need (e.g. accidents in sky-diving) for a predetermined time. After we receive the orders from the customers (which are packages) we pool them into different collection of modules, and we send them to insurance companies as well as registered investors. We provide API for vendors to give quotation to each insurance module and subsequently send the most competitive quoted price back for clients to review. If the clients think that it is attractive, we can then set up the contract. Vendors must have a minimum deposit in their account in order to cover any potential claims, which is up to our discretion to decide.
How we built it
The front end is build with ember.js. It provides a clear view for the customers to see what modules are available and their respective quoting. We ensure back to back encryption in all transferring of informations by pycrypto. The order information are sent to vendors who can use our provided python-written API to give price quoting easily. The quoted prices are then displayed on front end.
Challenges we ran into
We ran into serious challenges in connecting the front end and back end applications. Our python codes (back end) relies on a secure hosted space to exchange information, which our front end ember.js application cannot access.
Accomplishments that we're proud of
We came up with a solution to resolve the conflict of interest between insurance vendors and customers!
What we learned
We learned a lot in database management that we can successfully host and maintain a database for this application. Encryption and network management are, while challenging, pushed us to learn a great deal from zero.
What's next for Trans Insurance
Turn it from codes to application!