We begin to see the first challengers in the insurance industry using the blockchain technology. We have searched for companies that can become a challenger for the insurance industry using the blockchain technology in one way or another. We follow and try to learn from them.
Do not miss anything; follow how digitalization affects the insurance industry by following Itello Insight’s theme Digitalization.
Etheris – offers micro insurance with smart contracts
Has the ambition to offer multiple applications of blockchain technology in the insurance field. Signing insurance against canceled flights or delays is the first area of application. Etheris is looking for insurance companies that want to offer this kind of micro insurance.
Dynamis – Unemployment Insurance via LinkedIn
Dynamis has an idea to offer complementary unemployment insurance through smart contracts and peer-to-peer networks. Those seeking the supplementary insurance ensure that their LinkedIn profile is correct. LinkedIn friende is used to validate the applicant’s qualifications and employment. If you become a jobseeker, you status is validated. The Premier is gathered and held by an DAO – Decentralized Autonomous Organization. It also pays out the remuneration when the unemployment has been verified by the members.
The idea is that the unemployed should get help from their contacts on the network, because they rather see that the unemployed gets a new job rather than they need to pay the compensation.
Thanks to smart contracts, LinkedIn and a DAO, a new type of player in the insurance market starting to be established. The more people joining in geographically and in different occupational roles, the lower the premiums due to the spread of the risks of unemployment. LinkedIn has 2017 close to 500 million members and grows with two new members per second. There are approximately 3 million job offers on LinkedIn. The technology exists, the need and potential exists – will the business model work?
InsureETH – get compensation immediately if your flight is delayed or canceled
InsurETH offers insurance against late or canceled flights. If the flight is canceled or delayed, the insured will receive the compensation immediately. All you have to do is enter your flight number and date and the amount of compensation you want, then the premium will be calculated. Pay and you will be reimbursed if the flight will be delayed or canceled – immediately.
Everledger – Reduces the risk of fraud
Has developed a technology and business model to use smart contracts and blockchain to reduce insurance fraud. One of the first applications is the identification of diamonds. Today, more than 1 million diamonds have been identified, thereby securing ownership through the blockchain technology.
Tieron – collects receipts to simplify claims settlement
More a platform right now than a finished product. One of the applications they have studied is to simplify the handling of receipts in case of damages. Tieron conducted an interesting study of the state of 2016 and wrote a report. Click on the link to download Blockchain Healthcare 2016.
Itello’s view at the block chain as technology: Itello Insights: Blockchain – Has the potential to change the Nordic life insurance and pension industry!What Harvard Business School writes about how the block chain can change the insurance industry – Blockchain Could Make the Insurance Industry Much More TransparenciesWhat PWC thinks about how the new Fintech players challenge the entire financial sector – FinTech’s growing influence on Financial Services