If you report an insurance claim, then a laborious, months-long follows it often. Thanks to Blockchain applications should be soon. “The technology allows us to re-invent the industry completely,” says Stephan Karpischek (43), founder of the company Etherisc, in conversation with a VIEW.
to Be a Start-up based in Zug, is currently working on a Blockchain application, which the Insured automatically pays out money, and once they have a claim. There is no single form must be filled in. “We replace the traditional insurance companies through Software,” explains Karpischek and laughs.
flight insurance will make the beginning of
In a first step, Etherisc focuses on flight insurance. The product is not yet on the market, but Demo versions in the past already. On the Website of Etherisc you could enter into for his flights with a few clicks of a insurance, which would then be stored in a Blockchain.
If there is an actual delay or the flight is cancelled – both thanks to the public air traffic data, to easily detect, then automatically triggers a payment to the Insured. If you are flying in late in the holiday, the compensation therefore, before landing in his account. And to make without having to lift a Finger.
In the year 2019 to run on a broad Front of experiments with Blockchain, our everyday life will be massively easier. A VIEW shows a series of what the technology can do, where it is used in daily life and why Switzerland is in the forefront.
insurance companies democratize
This process happens in a decentralized fashion. Whether the money is paid out, decides not insurance, but an algorithm. “So customers get guaranteed what you deserve, and at the same time, insurance fraud is difficult,” says Karpischek.
In the case of conventional insurance models of the Austrians, sees big flaws. Currently, these companies have a financial incentive to your customers, no compensation to pay, if this is not absolutely necessary. A Conflict Of Interest. “With the Blockchain we can do better. Because an algorithm decides only on the basis of the data and without their own commercial interest.”
From the hurricane to grain insurance
What works well in the flights, will Etherisc make in other areas: The company is working, for example, hurricane insurance, in which compensation exactly where there was extremely high wind velocities are to be measured. Or grain insurance, where claims are determined by weather data and satellite images.
Such automated insurance work but only if the right data are available to the public. As a result, the application areas are limited at the moment.
From the mega-group
copies Also the traditional insurance companies keep track of exactly what young Blockchain Start-ups such as Etherisc work. Finally, you could lose the revolutionary technology many customers.
Almost every established insurance therefore works on its own Blockchain solutions. Axa has developed recently an application for aircraft insurance, which reminds suspiciously strong to that of Etherisc. The Blockchain plays only a minor role – the decision, whether is paid or not, remains with the insurance company.