Dispute Process

In case of an unclear insurance claim, the user will be able to initiate a dispute process. During the dispute process, the team will try to collect evidence for one or another resolution. We already have contacts with firms that investigate hacks in DeFi. We can involve them in large and complex cases. They are usually able to trace any money movement on the chain and have contacts with local police offices in place. This way allows us to trace the majority of hacks and get evidence for resolution.

Traditional insurance companies usually have on-site detectives who investigate complex cases for them. In our situation, we plan to build a community of detectives who will work on investigations of different cases on the chain. They will receive a reward for finding any evidence for unclear cases. This way will allow us to ensure trust and safety for all sides while increasing the speed and effectiveness of the dispute process.

At the current moment, disputes are resolved by the team. Voting for dispute resolution is made through a multisig wallet and requires a majority of founders’ approval. In the future, this process will include DAO voting, mainly represented by protocol users and investors, which allows for a decrease in conflict of interest and guarantees honest voting. All participants of the voting will receive a reward, no matter the result of the process. This way, we can increase participation and, as a result, a more fair voting process.

You can read more info about the insurance claim process here.