Wheelysure has developed a crypto-insurance with automatic payout for victims of bicycle theft

Country: UKwheelysure1

Year: 2016

Concept

  • Wheelysure is currently developing a peer-to-peer, automatic pay-out insurance based on blockchain technology and smart contracts for cyclists
  • Their aim is to make insurance transparent, fair and resilient whilst creating a user-friendly insurance that responds quicker to claims processing than traditional insurance
  • Users’ premiums are pooled together to pay out in case of an accident (risk sharing) with each policy containing an allowance for re-insurance premiums (10% of total premiums)
  • Investors can provide loss absorbency capital for Wheelysure through Pool Re-insurance Bonds which ensure sufficient funds for the pool and are used to pay claims. If the pool drops below zero, investors’ money is used to bail out the pool. If the pool is above zero, investors earn a 10% ROI and potentially more if bond allocation is not full.
  • At present, Wheelysure is using its founders’ capital whilst the smart contracts are verified and the right rules are in place. All code will be released for public audit and verification

Consumer Benefits

  • Automated: faster claims processing and reimbursement than with traditional claims processing thanks to smart contracts
  • High returns: for investors looking to diversify their portfolio away from stock markets or other traditional investments

How To Use

  • Users list their bicycle details: make, model and value on Wheelysure’s site. This information is then permanently stored on the blockchain where it cannot be altered
  • Next, Wheelysure asks users for personal information such as name and address in order to link the bicycle to the user and calculate an insurance premium
  • Users then pay and proof of purchase is registered on the blockchain, along with other users’ premiums
  • In the eventuality of the users’ bicycle being stolen, an official police report and crime reference number needed for Wheelysure to autoverify and pay out to the user
  • Wheelysure is currently being tested on private beta.
  • Interested users can sign up for a public beta access by entering their name, email address, bicycle model and value, city and country