Blockchain-based technologies have the power to disrupt the centralized structure of the global asset protection industry. Day By Day, utilizing Web3 and artificial intelligence (AI), aims to provide a more inclusive and democratized insurance solution.
The traditional insurance sector, despite its long history of providing financial security, faces challenges in terms of efficiency, transparency, and security. The Aon report highlights the industry’s struggle to adapt to changing consumer behaviors, as well as challenges such as demographic shifts and rising healthcare costs. Furthermore, 80% of insurance CEOs believe that over-regulation is a threat to growth.
Blockchain emerges as a potential solution to the inherent challenges of the insurance industry. Unlike traditional methods that rely on paperwork and subjective assessments, blockchain offers transparency, efficiency, security, and accessibility, redefining the insurance landscape.
By integrating real-world assets (RWAs) and AI, blockchain’s foundation is further strengthened, enabling more accurate risk assessments and personalized insurance products. Projects that leverage these technologies have the opportunity to overcome the historical challenges that have plagued the insurance industry.
Day By Day, a multichain Web3 insurance platform powered by AI, aims to revolutionize the insurance sector by combining the power of blockchain, RWAs, and AI. Users of the platform can secure their assets using an asset register app available on Google Play and the App Store.
Upon creating an account, users can document their assets using photographs within the platform’s proof-of-ownership consensus model. Users are rewarded with the platform’s native digital asset, the DBD token, for each asset they register. The platform incentivizes holding DBD tokens by offering additional rewards and the opportunity to purchase gift cards directly through the asset register app.
Day By Day transforms nonfungible tokens (NFTs) into tangible insurance policy instruments. This approach allows individuals to hold NFTs as a means of securing insurance coverage and as an investment. Owners of policy NFTs with matching features also receive a share of the premiums collected from customers. Day By Day enables users to burn DBD tokens in exchange for discounted rates on NFT policies, effectively reducing the total supply.
At the core of Day By Day’s structure is the Underwriting DeFi Pool model, which acts as a safeguard against unexpected events. This model allocates a significant portion of insurance premiums into accessible and locked liquidity pools. Contributors to the pools receive DBD-LP tokens, representing a stake that can be actively traded. This approach ensures that half of the underwriting is always secured, protecting against smart contract vulnerabilities.
After four-and-a-half years of development, Day By Day has achieved several milestones, including the launch of its DBD token, the launch of its mobile app for registering real-world assets, the introduction of NFTs as insurance policies, DeFi underwriting for claims coverage, and the implementation of native staking on the Polygon and Algorand networks. Day By Day aims to expand its vision to include digital asset protection for health, life, travel, and niche markets supported by Web3 and AI.
Day By Day does not sell insurance but instead focuses on providing asset protection coverage. Customers can choose the assets they want to protect, the events they want to preserve, and the coverage period. Furthermore, the company plans to implement a decentralized autonomous organization (DAO) project to democratize the insurance industry by giving control authority to users.
The integration of cutting-edge technologies such as Web3 and AI, exemplified by platforms like Day By Day, equips the insurance industry with tools to empower consumers and democratize access. This evolution foresees a future where insurance is not only more transparent and personalized but also widely accessible, ushering in a new era of consumer empowerment and industry innovation.