Introduction

I. Problem

Digital and traditional insurance providers impose centralized and complex practices which create a lack of inclusiveness and transparency, particularly via rigid underwriting, high agency fees, upfront premiums and claim payment processes.

At the core, insurers are incentivized to limit who can get covered and to curb claim payments to improve profit margins, creating a clear conflict of interest.

Due to these restrictive practices, very few people can access insurance globally with only ~9% in OECD countries and ~4% in non-OECD countries being covered [1] thereby creating a significant lack of inclusion and a large untapped opportunity.

II. Solution

QolaQ Foundation (“QolaQ”) has developed the first, Web3 mutual aid platform (“MAP”) as a solution to increase inclusiveness and counter the restrictive practices throughout the US$5 trillion global health and life insurance industry.

Mutual aid has been a time-tested approach where participants pool their resources together to support those who are in need, with no underwriting, premiums or agency fees.

QolaQ’s Web3 MAP empowers Members to support each other in times of need via its decentralized platform utilizing blockchain to solve the real-world issues restricting inclusion in the insurance industry. Qolaq enables Members to vote/decide on claims disbursement and governance [2].

QolaQ's sustainable business model is comprised of Annual Membership Contributions and Administrative Contributions from each claim payout.

[1] Insurance indicators : Penetration

[2] It is important to note that Programs offered via QolaQ’s MAP are not the same as contracts of insurance.