Takadao Docs
Takadao Whitepaper v2 (tDAOs)
Takadao Whitepaper v2 (tDAOs)
  • Introduction
  • PART A. BACKGROUND
    • 01 - The Insurance Industry
      • Origins of insurance: Mutual protection and risk-sharing
      • The rise of the modern insurance industry
      • The insurance industry today
      • Key Consumer Complaints Against Insurance Companies
    • 02 - Introducing Takadao
      • Takadao: Addressing Consumer Complaints and Industry Challenges
      • Basics of the Blockchain
      • “Taka DAOs (tDAOs)” vs. Centralized Insurance Companies
  • PART B. TAKADAO: THE DAOs
    • 03 - Takadao Technology
      • The Takadao technology stack
      • tDAOs’ user journey
        • Risk assessment and KYC
        • Contribution
        • Membership Credits
        • Get a Payout
        • Redistribution of Surplus
        • Participate in Governance
    • 04 - Underwriting & Risk Management Algorithm
      • Introducing Dynamic Underwriting
        • Absence of capital providers
        • Fluctuating reinsurance protection
        • Using data in real time
      • Takadao dynamic underwriting: A closer look
      • Risk and the Benefit Multiplier (BM)
        • Individual risk and the Base Benefit Multiplier (B.BM)
        • Portfolio risk and the Benefit Multiplier Adjuster (BM.A)
      • Dynamic Underwriting Reserves
        • Calculating the Benefit Multiplier Adjuster (BM.A)
        • The Dynamic Reserve Ratio
        • How underwriting surpluses are calculated
    • 05 - tDAOs’ Tokens aka Membership Credits
      • Membership Credits
      • Make a contribution, receive Membership Credits, become a member
      • Membership agreement
      • Redeem/burn Credits, exit the DAO
      • Credits determine insurance benefit
      • Discontinuing membership before contract maturity
    • 06 - Benefits Payout Protocol
      • Decentralized Benefit Payout Management (DBPM) - A multistage process
        • Stage One - Document Review
          • Pre-verification
          • Manual Verification
          • Stage One Results
        • Stage Two - IRL Verification
          • Stage Two Results
        • Stage Three - Professional Review
  • PART C. TAKADAO: THE COMPANY
    • 09 - The Takadao Vision
      • Vision & Mission
      • Business Model
      • Shariah compliance
    • 10 - The Takadao Token (TAKA)
      • Token Utility
        • TAKA for Fees
        • TAKA for Staking - Reprotection Pool (rePool)
        • TAKA for Rewards
        • TAKA for Governance
      • Token Supply and Distribution
        • Token Supply
        • Token Allocation
        • Token Emissions Schedule
      • Value Accrual and Price Stability: Sources of Token Demand
        • Buy Back and Burn (BBB)
          • Schedule for BBB
          • Mechanism for BBB
        • rePool Staking
          • Benefits of rePool
          • Distribution of rePool yield
          • rePool Loan Support to tDAOs
          • tDAO to rePool Loan Repayment Modalities
        • Lock-up and Vesting Schedules
  • References
Powered by GitBook
On this page
  1. PART B. TAKADAO: THE DAOs

06 - Benefits Payout Protocol

In the conventional insurance world, claims management is an area that is vulnerable to abuse and breeds consumer distrust. Claims management is opaque and processes are not subject to policyholder review. An express goal of Takadao is to create fair and transparent processes that underpin mutual protection tDAOs. In addition to underwriting, Benefits Payout management is another key area that the Takadao technology addresses.

The objectives of the Takadao Benefits Payout management process are:

  • Fairness, transparency, traceability and accountability

  • Decentralization and no control by a single entity or individual

  • Speed and accuracy while maintaining low fraud rates

  • Privacy for individual Members, Beneficiaries and Verifiers

The Decentralized Benefit Payout Management (DBPM) process is a multi-stage, double-blind process where Verifiers independently verify pieces of information that add up to the full picture. Verifiers are currently active members of the same mutual protection tDAO to which the Benefit Payout request is made. Members opt in through the Verifier Incentive Program (VIP) and undergo an onboarding and vetting process to ensure that the goals of the VIP are met.

Combined the DBPM and VIP create an open and transparent alternative to insurance claims management processes. The processes are recorded on-chain and publicly verifiable while maintaining individual privacy for both the member and beneficiaries, as well as the Verifiers themselves.

PreviousDiscontinuing membership before contract maturityNextDecentralized Benefit Payout Management (DBPM) - A multistage process

Last updated 6 months ago