InsurETH runs smart contracts on the Ethereum platform to automate insurance claims and refund in case of flight delays or cancellations

Country: UKInsurETH
Year: 2015

  • Develop flight insurance offering: it is estimated than less than 4/10 (38%) of UK passengers claimed money back for a flight delay or cancellation. As the flight travel market continues to expand across the globe, an insurance company could use a service such as InsurETH to integrate flight insurance into its current B2C insurance offer.
  • Integrate the service in a travel insurance offer: the service can be integrated in existing travel insurance offers, and eventually allow inclusion of train delays which are also trackable online.
  • Develop parametric product: that does not require customer claims to trigger them.
  • Provide “oracle-trusted” services: thanks to the strength of the an insurance company’s brand.
  • Reduced operating costs: for an insurance company by using smart contracts for claims processing.

Concept

  • InsurETH built a flight insurance product at the London Blockchain Hackathon in 2015 that lets users insure their flight directly with an Ethereum smart contract. Unlike motor insurance for car accidents, flight delays or cancellations  claims do not need additional assessment and can be based on public data.
  • The Oraclize smart contract interacts between the blockchain and the web. The smart contract is resolved automatically using publicly available data to trigger the insurance claim.
  • InsurETH is currently at the prototype stage.

Consumer Benefits

  • Automatic compensation: users do not have to fill out insurance forms, as the InsurETH solution provides an automated flight insurance and users are compensated instantly.
  • Cost reduction: running automated insurance claims on the blockchain reduces costs for all involved parties than traditional insurance claim methods.
  • Transparency: users can see the status of their claim at all time.

How it works

  • Users go the InsurETH website, enter their flight information such as number, date and time, company. They chose how much they wish to insure their flight for and click on the “Insure” button. In case of a delay or cancellation, the user is instantaneously and automatically compensated.
  • Investors can also deposit ethers (Ethereum cryptocurrency) to provide liquidity to the system (from 0 to 0.001 ETH is suggested) and can withdraw their deposit at any time. An example using a proof of concept QR code is shown on the website.

Illustration

  • InsurETH wins London Blockchain Hackathon

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  • The InsurETH value chain

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