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Asia Start-Up InsurTech Award 2017 - Bluzelle


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Nominee for The Digital Insurer Asian Start Up InsurTech Award

Published in: Economy & Finance
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Asia Start-Up InsurTech Award 2017 - Bluzelle

  1. 1. MAKE THE BLOCKCHAIN WORK FOR YOU Bluzelle provides blockchain powered solutions for insurance businesses to meet customer needs.
  2. 2. dzuno.dzuno. Bluzelle provides blockchain-powered applications for the financial services industry - banks, insurers, mobile finance. Our products include real-time payments, insurance managements, KYC-identity. Bluzelle are experts in all blockchain technologies and provide the network layer reducing the investment needed by our customers.
  3. 3. Incumbent insurers have overlooked the importance in claims handling functions. This presents an opportunity for disruptive new entrants to capture the market Samantha is tired of her experience with insurers. She feels her needs are not met. Peace of Mind Convenience Mobile Seamless Experience Relevant Pricing Ease of Claims
  4. 4. Sam buys auto policy and smart contract is created onto the blockchain POLICY PURCHASED We want to give Insurers the ability to offer Usage Based Insurance Sam drives to meet a friend for lunch. Telematics calculate distance & behaviour. AUTO TRIP IS MADE Data sent to smart contract; processes transaction looking at policy conditions CONTRACT EXECUTION The calculated funds are then deposited or withdrawn from Sam’s wallet. CLAIM PROCESSED
  5. 5. Signing Tool Tech Components Cryptographically signs transactions with keys that only the server and authorized clients know Listening Tool Receives transactions from addresses we can receive from, validates the transactions, connects to our core engine to relay the details Smart Contract Engine The “brain” that coordinates everything Policy Template A smart contract system that has all the necessary fields and business logic to produce policies Policy Issuer When a customer signs up for a new policy, it is issued an registered onto the blockchain
  6. 6. Bluzelle Smart Contract Engine Ethereum Blockchain Smart Contract Processing Bluzelle Smart Contract Listener Bluzelle Payment Tool 2 3 Injury data + injury photo hash + GPS co-ordinates (pre- authorization request) Encrypted receipts and other treatment-related documents Insurance claimable amount 6 7 Payment event to pay paid amount to insured Secure request to pay paid amount from insurer to insured Smartphone App Bank Account (Simulated) Customer 1 5 10 8 AWS Microsoft Azure BT Radianz Your Own 4 11 Injury image data (encrypted, based on claim number) Hash data of receipts + hash of all documents Receipts and other documentation in image form Claimable insurance amount, result of claim preauthorization Photos of injury + injury type, data, GPS co-ordinates, etc. Signed blockchain request to make payment Payment to insured from bank account (Simulated)9 End Start (Simulated) 12 OCR Content Storage Example Architecture for Personal Injury Product
  7. 7. New Products INSURER BENEFITS New Customer Markets Lower Processing Costs Happier Customers
  8. 8. Contracts can be processed and transferred instantaneously, reducing human power costs. Can apply to Insurance, Property Rights. Real Time Processing As new information is received, the contract can change accordingly to reflect the new reality. Ex. Delays in shipping, health gets better, etc. Dynamic Adjustments We enable interoperability so the smart contract is written in the Ethereum protocol but funds can transfer through our payment products & tie into identity. Connects with other Products Our Smart Contracts reduce FI overhead costs by objectively executing contracts - based on the data existing at the time. They are able to govern money and other financial instruments.
  9. 9. Blockchain objectively proves existence of data without revealing contents of the data. Information can be digested into a digital hash and embedded into a sequential blockchain. Verifiable Proof of Existence SYSTEM BENEFITS A complete audit trail of all changes made to the customer policy and claims. If a dispute occurs, insurer can instantly grab the entire history that is immutable. Blockchain technology creates data consistency without a central server. Guarantees every node in the network will always know if it is in-sync with the rest of the network. Information entered can be distributed across the network in a timely and near real-time basis. Insurers and partners know latest changes in customer behaviour. Inalterable Record of History Objectively verifiable data consistency Fast Data Sync
  10. 10. Bluzelle’s team is comprised of people experienced in artificial intelligence, machine learning, cybersecurity, financial technologies and more. ABOUT BLUZELLE THE TEAM CUSTOMERS Bluzelle’s technologies are enterprise-ready and tested through its implementations with financial institutions. PARTNERS RECOGNITION True Global Ventures - an international VC with over 40 partners in 9 major cities around the world. Partners include those who have sold their businesses to Alibaba and been named Europe’s Angel of The Year. INVESTORS
  11. 11. Contact us to learn more about how you can integrate with Bluzelle. Bluzelle has offices in Singapore and Vancouver Bluzelle Headquarters Level 2, 16 Raffles Quay Singapore 048581 GETTING STARTED