Stellar

Satechainmedia- QolaQ Foundation, the <a href="https://qolaq.org/" rel="noopener noreferrer nofollow">first</a> Mutual Aid Platform (MAP) built using Web3 architecture and blockchain technology (QolaQ) announced today that it was selected as one of the first grant funding recipients of the Stellar Development Foundation’s Soroban Adoption Fund.Leveraging the long and successful history of mutual aid, QolaQ is one of first Web3 use cases with the mission of supporting global inclusiveness by building on Soroban as the optimal smart contract to create an innovative platform to address the restrictive practices of the insurance industry and to enable our members to help each other in times of need.Traditionally, insurance organizations have imposed 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, all of which create a clear conflict-of-interest. Due to these restrictive business practices, very few people can access insurance globally with only ~9% of people in OECD countries and ~4% in non-OECD countries being covered, thereby creating a significant, underserved market.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/c6b172d328134c30b9fed07534e75d9f.jpg" />“QolaQ provides a unique solution to return to the community values of historical mutual aid. QolaQ vision is to be the bridge for Members to bond together globally and help each other in times of need. Because our Members vote on whether claims are approved or not, it eliminates the conflict-of-interest present in the insurance industry, since our Members are the ultimate decision makers. Additionally, by not charging premiums, incurring agency fees or requiring underwriting, QolaQ can instead offer more affordable as well as global mutual aid programs to the millions of people who are not covered by traditional insurers,” said Barry Lee, QolaQ CEO &amp; Co-Founder“Currently, QolaQ has launched its initial Programs to a select group of Members including core features such as registration, program selection and voting. Every Member can review each claim case and cast their vote to approve/deny the claim based on claim believability and normality. After approval, Members can receive the aid on their digital wallets,” added Mr. Lee.The QolaQ Foundation, a registered international foundation in the Cook Islands, Realm of New Zealand. is an independent mutual aid platform (MAP) that is built using blockchain technology and Web3 architecture to provide various mutual aid programs to its Members (QolaQ).<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/5663745468a848339e685ce64830951a.jpg" />As the first Web3 MAP, QolaQ advances financial inclusion for people without access to traditional insurance coverage and to address the restrictive practices throughout the US$5 trillion global health and life insurance industry (e.g., rigid underwriting, extensive agency fees, restrictive claim payouts, burdensome upfront premiums).QolaQ is empowering its Members globally focusing initially on critical illness and life to support each other in times of need. Backed by the principle of decentralization and blockchain technology, QolaQ’s Web3 MAP enables its Members to vote on claims disbursement and governance. All transactions via smart contract, built on Stellar’s Soroban protocol, reduce costs by removing significant operating expenses and centralized systems typically found with insurers (such as agents, legacy systems, distribution and claim processing).

QolaQ Foundation : the First Web3 Mutual Aid Platform Receives Stellar Community Soroban Grant & Launches Initial Beta Programs

Satechainmedia

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