SURETY.AI is a blockchain based artificial intelligence (A.I) platform for insurance companies developed by Hearti Lab Pte Ltd (Hearti).
SURETY.AI allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies through Decentralised Enterprise Insurance Network.
As insurances are closely tied to healthcare, where healthcare services such as medical check records are often used for underwriting and preventive measures, Hearti is also working with Healthcare partners to integrate their services and data into SURETY.AI.
Rated on Jun 18, 2018
Modified on Jun 18, 2018
First reviewed on 24 May 2018:
Five comments (C1 to C5), and ten questions (Q1 to Q10):
C1. Team wise, I took into consideration your list of power advisors (from both ICOBench & your website itself). I would like to invite Keith and Jinson to undergo the ICOBench KYC Report.
C2. Your product looks interesting to me and I want to understand further, so please bear with me.
C3. From Pg 18 of the whitepaper:
"1. Insurance purchase: Consumers can now exchange cash for SURE tokens, and use SURE tokens to purchase the relevant insurance products such as micro-insurances.
2. Fosters Trust between all parties: Insurance policies are stored on SURE tokens and it is proof of insurance during claim. As these are immutable contracts, it fosters trust
and security among insurer, re-insurer and the insured.
3. Avoid duplicate claims: Insurers use SURE tokens to store Claims data to avoid duplicate claims and insurance fraud. For example, by working with our healthcare partners, claims information can be stored on SURE tokens, and verified by the
insurer whenever the insured visits the clinic. This not only eliminates insurance fraud for the insurance companies, it also results in a faster turnaround time for claim processing benefiting the insured."
Q1: One of the critical success factor is the insurer. I am unsure if how you are able to get the buy in of insurer to a tokenised system which is probably new to many of them. Please elaborate if there is any partnership that is already signed with any of the insurer that is willing to accept the SURE tokens - I would like to see the agreement(s).
C4: Regarding your patent application titled "PROVIDING AN INDICATION OF THE WELLBEING OF AN INDIVIDUAL",
PCT/SG2015/050391, you mentioned that "National patents have also been filed and awaiting approvals in the United States of America, Republic of China, Hong Kong and Singapore."
From a commercial patent database, Orbit.com; I found the following patent family members of the above patent:
WO2016068795 2016-05-0 A1 - Published application with search report
CN106231996 2016-12-14 A - Published application
US2017319074 2017-11-09 A1 - Application published
For the US patent, the latest status is as such (ie. still under processing stage):
“04-13-2018 Case Docketed to Examiner in GAU
04-27-2017 Request for Foreign Priority (Priority Papers May Be Included)
04-27-2017 Information Disclosure Statement (IDS) Filed
04-27-2017 Preliminary Amendment
04-27-2017 Initial Exam Team nn”
Q2: Please double check with your IP firm whether you have indeed entered into the National phase for China, Hong Kong and Singapore; if yes, please let me know what's the corresponding patent application number for each country.
Q3: Your PCT International Search Report revealed that there are 6 prior arts that would deemed your invention to be not original, which may adversely affect patent being granted at the national phases stage, I would like to invite you to create a spreadsheet to show the (a) differences between your patent application and each prior art, and (b) how is yours better than theirs,
C5: The first claim in your PCT patent application is as follows:
"1. A method for processing heartbeat information comprising the following steps: -- a. obtaining from a heartbeat measuring device a dataset of heartbeat information from an individual, the heartbeat information comprises a heartbeat data of the individual comprising a number of heartbeats within a predetermined or stipulated duration;
b. deriving and/or calculating from the dataset of heartbeat information by a processor unit, at least one heartbeat index; and
c. assigning an indication of the individual's feelings or emotional well-being based on the at least one heartbeat index;
wherein the heartbeat information includes a geographical location where the heartbeat data of the individual is obtained, and wherein if the indication of the individual's feelings or emotional well-being cannot be assigned based on the at least one heartbeat index, the geographical location is utilized to distinguish between a plurality of possible indications of the individual's feelings or emotional well-being."
Q4: Reading the above patents and what Surety.ai seeks to provide, I found a disconnect. I am surprised that none of your advisor picks this up and point it to you, pg. 14 of your whitepaper states "The SURETY.AI platform also benefit from our proprietary technology and patent-pending method of “PROVIDING AN INDICATION OF THE WELLBEING OF AN INDIVIDUAL” and I think it is somewhat inaccurate.
Q5: What's the token lockup/vesting period for (a) team and (b) advisors
Q6: What is your smart contact address?
Q7: (a) Is your funding wallet multi-sig? (b) Who own the keys to unlock the funding wallet?
Q8: What's your github address?
Q9: You did not mention about your competitors. Would like you to do a feature matrix comparing both the similarities and differences of your competitors (preferably direct - blockchain related).
Q10: I understand that you chatbot is using IBM Watson and I presume that the AI that you are using within Surety.ai is primarily NLP, ie. via the chatbot? If there other forms of AI used within Surety, please elaborate further.
For your reply, pls use this notation, A1 for Q1, A2 for Q2, ..., A10 for Q10, and you may also consider having sub-answers like A7i, A7ii, if you wish; if you are replying to my comments, you may use this notation, R1 for C1, R2 for C2, ..., R5 for C5; so that I can tell if you are responding to a comment (C) or a question (Q).
I will revise my ratings after receiving the answers to my above questions.
From Kenneth Tan, ICO team member replied on 29 May 2018
Dear Dr Yeap, thanks for your comments and questions.
A1: Tokens are a new concept to both consumers and corporates. We have designed our business model, UI and UX so that our insurance customers do not need to adapt to a totally new tokenised system. As insurance companies are already purchasing credits to pay for SURETY.AI, they will continue to do so under the SURE tokenised system.
US PATENT APPLICATION NO. 15/522290
HONG KONG STANDARD PATENT APPLICATION NO. 17100040.1
CORRESPONDING TO CHINESE PATENT APPLICATION NO. 201580020061.7
SINGAPORE PATENT APPLICATION NO. 11201603859T
We are pleased to inform you that we have received the International Preliminary Report on Patentability ("IPRP") from the International Preliminary Examining Authority (IPEA), i.e. the Intellectual Property Office of Singapore. We are pleased to inform you that in consideration of the amendments and response filed on 16 December 2016, the IPEA has issued a positive IPRP and opined that claims 1-13 in the application have been found to fulfil the requirements of novelty, inventive step and industrial application.
We have been working on this invention for about 2 years. While it is not market ready, we believe that this feature will have profound impact to underwriting decisions and premiums.
A5: The tokens are locked up for 6 months for both team and advisors
A6: will provide when ready
A7: The funding wallet is multi-sig. The keys are held by CFO, CEO and CTO
A8: will provide when ready
A9: will be added to whitepaper v3.4 by 1 June 2018
SURETY.AI is developed using Theano, Keras (Python libraries), and a combination of 3rd party services such as IBM Watson Discovery News, IBM Natural Language Understanding, Google Cloud Vision, 3rd party APIs etc. Surety.ai analyzes news, detects events, understands sentiment of the event, consumer demand, text and objects etc. Using these information, Surety.ai classifies and scores the events based on risk and object types. Risk scores will be used for underwriting, product distribution, fraud detection etc.
1. Thank-you for your detailed responses.
2. Am updating my ratings for this ICO from 3 2 2 to 4 3 2.
3. I know Keith is real but would still like to encourage yourself, Kenneth and Jinson to undergo the ICOBench KYC.
4. I will revise my ratings after receiving further responses to the remaining unanswered questions & the ICOBench KYC.
Rated on Jul 19, 2018
Having work in the Insurance industry before I have notice the problems highlighted by the team and the solution proposed is feasible.
Surety is backed by Hearti which is already well established in Singapore, having a strong team ensure the likely success of the project.
The vision is great but however there are risk involve in insuring the underinsured. Investors please do your own homework before investing.
Rated on May 26, 2018
Great team, would adjust rating to 5, once KYC is completed by their team members. Not the most unique idea but team has the experience to compete in this area.
No mention of a ready product on website but team has developed a non-blockchain platform last year
Experts are independently and voluntarily contributing to the community. If no expert has rated the ICO, only ICO analyzer's results are used. Always research before investing as these ratings should not be taken as an investing guide of any kind.
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TeamApply as an advisor
Country Manager, Indonesia
Country Manager, Vietnam
SURETY.AI code review and audit
SURETY.AI v1.0 to go live in first uninsured market
On-boarding of first major financial partner
Integration of financial partner services
SURETY.AI v2.0 to go live
Expansion to 5 SEA markets