Blockchain technology has the potential to disrupt the centralized structure of the global asset protection industry, and Day By Day aims to leverage this technology, along with Web3 and artificial intelligence (AI), to deliver a more inclusive and democratized insurance experience.
The traditional insurance sector has long grappled with issues of efficiency, transparency, and security. A report by Aon highlights the industry’s struggle to adapt to changing consumer behaviors and address challenges such as demographic shifts and rising healthcare costs. Additionally, insurance CEOs are concerned about over-regulation hindering growth.
Blockchain offers a solution to these challenges by introducing transparency, efficiency, security, and accessibility to the insurance landscape. Unlike traditional methods that rely on paperwork and subjective assessments, blockchain redefines insurance by providing a decentralized and immutable ledger for transactions.
By integrating real-world assets (RWAs) and AI, the potential for transformative change in the insurance industry is further amplified. These technologies enable more nuanced risk assessments and personalized insurance products, addressing historical challenges that have plagued the industry.
Day By Day, a multichain Web3 insurance platform powered by AI, is revolutionizing the insurance sector by combining blockchain, RWAs, and AI. The platform provides users with an asset register app available on Google Play and the App Store, allowing them to document their assets through photographs. Users are rewarded with the platform’s native digital asset, the DBD token, for every asset they register. Holding DBD tokens offers additional rewards and the opportunity to purchase gift cards directly through the app.
Day By Day transforms nonfungible tokens (NFTs) into tangible insurance policy instruments. Individuals can hold NFTs to secure insurance coverage and as an investment. Owners of policy NFTs with matching features receive a share of the premiums collected from customers. Users can burn DBD tokens to reduce the total supply in exchange for discounted rates on NFT policies.
The Underwriting DeFi Pool model is at the core of Day By Day’s structure, acting as a safeguard against unexpected events. Insurance premiums are allocated into accessible and locked liquidity pools, and contributors 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.
Day By Day aims to simplify insurance with its user-friendly app. After four-and-a-half years of development, the platform has achieved several milestones, including the launch of its DBD token, the mobile app for registering real-world assets, NFTs as insurance policies, DeFi underwriting for claim coverage, and native staking on the Polygon and Algorand networks. The platform’s vision is to expand its digital asset protection to cover health, life, travel, and niche markets supported by Web3 and AI.
Day By Day does not sell insurance in the traditional sense. Instead, it is developing an Asset Protection Coverage feature that allows customers to choose the assets they want to protect, the events they want to preserve, and the coverage period. Additionally, the platform 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 like Web3 and AI, as demonstrated by Day By Day, empowers consumers and democratizes access to insurance. This evolution paves the way for a future where insurance is transparent, personalized, and widely accessible, ushering in a new era of consumer empowerment and industry innovation.