TLD Whitepaper
  • Part I: What is The LifeDAO?
    • Introduction
    • Mission
    • Background
      • Islamic finance and insurance
      • Why is conventional insurance not shariah-compliant?
      • Takaful, an Islamic alternative to conventional insurance
        • Takaful vs. Conventional Insurance
        • Takaful in light of the Shariah
    • The LifeDAO: Inspired by Takaful, native to the blockchain
      • Two Funds, Two Entities
      • Risk, Solvency and the Benefit Multiplier
      • Shariah compliance of TLD
    • The Takadao Protocol
      • Takadao’s Technology Stack
      • Takadao Reprotection Pool
  • PART II: The LifeDAO Membership
    • Member Journey
    • The LifeDAO Membership
      • Membership Benefits
      • Membership Privileges
      • Benefit 1: Benefit Payout
      • Benefit 2: Surplus Distribution
      • Benefit 3: Governance Rights
      • Privilege 1: Verifier Incentive Program (VIP)
      • Privilege 2: Contributor Committee
      • Privilege 3: TAKA Token Airdrops
      • Allocation of Membership Contributions
      • Benefits Payout Management
      • Governance and the Contributor Committee
      • Contributor Functions
        • Screen Proposals
        • Endorse and Advocate for Proposals
        • Implement Proposals through Multisig
      • The LifeDAO Investment Pools
        • Investment Conditions
        • Deposit and Withdrawal Mechanisms
        • Governance
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  1. PART II: The LifeDAO Membership
  2. The LifeDAO Membership

Benefits Payout Management

The LifeDAO seeks to redress the problems faced by the conventional insurance industry, in particular, the opaque underwriting and claims management processes. Hence, a key objective of The LifeDAO is to ensure transparency and accountability in the Benefits Payout Process. To achieve this, TLD employs Takadao’s Decentralized Benefits Payout Management (DBPM) and Verifier Incentive Program (VIP) protocols.

Takadao’s Decentralized Benefits 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 TLD that have opted into the Verifier Incentive Program (VIP). Verifiers 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.

For detailed information on how DBPM and VIP work, please refer to the Takadao Whitepaper.

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Last updated 8 months ago