The problem InsureNFT solves

InsureNFT revolutionizes renters' and homeowners' insurance by addressing inefficiencies in the traditional insurance process. Key pain points include:

Lengthy Claim Approvals: Traditional systems take days to approve claims, delaying essential payouts for users in need.
Opaque Pricing Models: Users often struggle to understand or trust how their insurance premiums are calculated.
Complex Agreements: Manual contracts are prone to disputes and misinterpretations.
With InsureNFT, we:

Use AI to generate transparent, optimized flat-fee insurance premiums.
Employ blockchain-based smart contracts to securely lock users into agreements and ensure clarity.
Provide instant insurance claims and payouts, reducing processing time from days to mere minutes.
Issue NFTs as digital proof of policy ownership, expiring after a specified term, with claimable metadata.

Challenges we ran into

Smart Contract Integration:

Challenge: Ensuring that smart contracts correctly handle multiple dynamic parameters (e.g., user age, income, insurance type).
Solution: Leveraging libraries like OpenZeppelin for secure NFT creation and implementing rigorous testing on testnets like Sepolia.
AI-Driven Premium Calculation:

Challenge: Designing an algorithm to assess user eligibility and generate competitive premiums.
Solution: Using FastAPI with Python to integrate machine learning models that analyze user data in real-time.
Wallet and Blockchain Integration:

Challenge: Seamlessly connecting user wallets and securely storing their insurance policy NFTs.
Solution: Integrating Okto APIs for wallet creation and blockchain interactions, ensuring secure authentication and transactions.
Frontend-Backend Communication:

Challenge: Managing state across decentralized operations while maintaining a seamless user experience.
Solution: Using React for state management and ensuring robust backend APIs handle smart contract calls.