block chain technology in insurance smart contacts Dr gharahkhani presented in The 26th National Conference on Insurance and Development (NCOID) with the main theme of “Increasing Insurance Penetration Rate: Challenges and Strategies” will be held on December 3 and 4, 2019 in two sets of sessions namely academic sessions and general insurance industry sessions, according to PRIAO, IRC. information technology session

1. BLOCK CHAIN TECHNOLOGY IN INSURANCE
‫خانی‬‫قره‬ ‫محسن‬‫دکتر‬

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5. Blockchain applications
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10. Insurance industry
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12. Flight Delay Insurance
powered by AXA
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13. • Nine companies using blockchain to
revolutionize insurance
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14. APPLICATIONS
• Smart Contracts
• Advanced Automation
• Cybersecurity Stronghold
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15. Etherisc
• Location: Munich, Germany
• What they do: Etherisc is an open-source development platform that
focuses on decentralized insurance applications.
• Blockchain insurance application: Etherisc builds decentralized,
blockchain-centric applications for different sectors of the insurance
industry. The company is focused on using ledger technology to cut down
on inefficiencies, namely high processing fees and extensive claim-
processing times.
• Real-life use case: Etherisc has already developed six different
decentralized insurance-related applications. One of them is a crop
insurance app with which farmers identify their land and crops as well as
any losses due to weather. Another app insures Etherisc members against
potential crypto wallet hackings.
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16. Beenest
• Location: San Francisco, California
• What they do: Beenest is a decentralized home sharing platform for crypto-
enthusiasts. Similar to AirBnb, Beenest users can book homes using the company’s
Bee Token.
• Blockchain insurance application: The company is teaming up with WeTrust to
develop a blockchain-based insurance for Beenest homeowners. For now, the Bee
Token can currently be used to book rooms in the San Francisco area with the
aspiration to expand their processes abroad in the near future.
• Real-life use case: Starting in late 2017, Beenest is still in the early stages of
homeowner insurance for property damage. The company recently raised $15
million in a token sale to help fund development of a blockchain-backed
insurance.
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17. Guardtime
• Location: Irvine, California
• What they do: Guardtime develops blockchain solutions across the
cybersecurity, government, finance, defense and logistics industries.
• Blockchain insurance application: Guardtime recently teamed up with
logistics giant Maersk to implement a blockchain-based maritime
insurance platform that will manage risk, use smart contracts and
establish an immutable chain-of-shipping to help insurance companies
thoroughly provide coverage.
• Real-life use case: The company’s Insurwave platform is poised to manage
the insurance processes for more than 1,000 vessels in the first year. The
company also expects the platform to oversee more than 500,000 ledger
transactions that deal with pertinent maritime insurance information.
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18. FidentiaX
• Location: Singapore
• What they do: FidentiaX is the world’s first marketplace for tradeable
insurance policies.
• Blockchain insurance application: With FidentiaX, users are able to buy,
sell or store their insurance policies on the company’s blockchain. Using
tokenization, the blockchain-powered marketplace takes existing policies
and puts them into the encrypted database. In real-time, users are able to
cash out on their policies, buy policies from others or just find all their
insurance information in one place.
• Real-life use case: FideniaX recently created ISLEY, a blockchain-powered
digital ledger for insurance policies. ISLEY gives customers a complete
overview of their insurance policies, notifies them when their premiums
are due and displays an immutable record of your entire policy history.
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19. B3i
• Location: Zurich, Switzerland
• What they do: The Blockchain Insurance Industry Initiative (B3i) is a
cohort of insurers formed to explore the usefulness of blockchain and
Distributed Ledger Technology (DLT) in the insurance industry.
• Blockchain insurance application: Formed in late 2016, the company’s
mission is to use blockchain to improve the way data and payments are
managed, reduce risk and to make insurance more affordable. They are
currently working many applications dedicated to their mission.
• Real-life use case: B3i’s first completed product is a blockchain prototype
for property reinsurance contracts. With the participation of 38 insurers
and brokers, the company was able to execute the entire reinsurance
contract process on a secure blockchain.
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20. Dynamis
• Location: London, England
• What they do: Dynamis is a peer-to-peer insurance company built
completely on the Ethereum blockchain.
• Blockchain insurance application: Dynamis is focused on unemployment
insurance (or what they call "social capital"). Policy applicants need only
provide their LinkedIn profile to verify current employment status. For
those who are unemployed, the company’s blockchain will verify through
profile connections and issue insurance payments.
• Real-life use case: The company’s social capital insurance combines smart
contracts and a peer’s social network to double-verify the employment
status of a policy applicant. Still in its fledgling state, Dyanmis is looking to
make their insurance more widely available in the coming months.
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21. Lemonade
• Location: New York, NY
• What they do: Lemonade combines AI and Distributed Ledger Technology
to offer insurance to renters and homeowners starting at $5 and $25 a
monthly, respectively.
• Blockchain insurance application: At Lemonade, blockchain comes into
play through smart contracts. The company’s business model takes a fixed
fee from each monthly payment and allocates the rest towards future
claims. If a claim is made, the blockchain’s smart contracts will
immediately attempt to verify the loss so a customer can get paid
quickly.
• Real-life use case: If a claim is approved, Lemonade’s AI and blockchain
combination will pay you in three seconds. (Lemonade was voted #1 of
270 companies for customer satisfaction in renter’s insurance.)
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22. Fizzy
• Location: Paris, France
• What they do: Fizzy, a flight delay insurance tool, is a subsidiary of global
insurance giant AXA.
• Blockchain insurance application: Fizzy uses blockchain to ensure that
members whose flights are delayed more than two hours are immediately
compensated. The company’s blockchain supplements travel insurance
that usually doesn’t cover financial loss due to flight delays.
• The tool uses smart contracts to lock in terms for payments and policy
information. Users have only to enter their flight details, personalize their
coverage and make a payment. Fizzy will then use blockchain to
immutably verify flight delay data and compensate customers.
• Real-life use case: By December 2018, Fizzy’s instant blockchain-based
flight delay payments will cover 80% of all worldwide flights.
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23. Teambrella
• Location: Saint Petersburg, Russia
• What they do: Teambrella is an insurance platform whereby your team,
rather than a centralized insurance company, co-insures your claims.
• For instance, a Teambrella member in the U.S. can tell the team his or her
dog needs emergency surgery. The rest of the team will vote on whether
to pay for the pup's operation and how much of the cost they should
cover.
• Blockchain insurance application: Teambrella uses blockchain and smart
contracts to execute insurance payments. Members of a certain
Teambrella group are locked into a smart contract and use these contracts
to transparently vote and execute payment for each claim.
• Real-life use case: The company now has four insurance pilot groups that
deal with bicycle damage and pets in Peru, The Netherlands, Argentina
and Germany. They are in the process of expanding their operations to pet
insurance in the U.S. and car insurance in Russia.
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24. Blockchain insurance network B3i
launches first product
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25. The role of brokers
• In the early days of B3i, the focus was on the cedants (insurers) and
reinsurers. Notably three months ago Aon and Guy Carpenter, the two
largest reinsurance brokers, partnered with competing insurance
blockchain RiskStream (formerly RiskBlock).
• Talking to Ledger Insights, de Crom emphasized the critical role of brokers
in the process. He pointed to an underwriting workshop earlier in the year
where they made useful contacts with brokers with strong client
management experience. “It’s all great that it works for your cedants and
your reinsurers, but we already knew that. So getting those brokers more
involved was for me a very good thing,” said de Crom.
• B3i is a network not a product
• While today’s announcement is about the launch of its first product, B3i is
really a network company that happens to have a product. They’ve built
what they call the Fluidity platform, which in some ways is like the iPhone
IOS or Android. On top of that, it’s running the CAT XL product and
commercial solutions which will follow. 25

26. What does the product do?
• Right now, the CAT XL solution purely focuses on the placement of the reinsurance
contract. It doesn’t yet handle accounting, payments or claims. And as a first step,
rather than requiring integration with participant systems, the data is entered via a
web browser.
• “Relying on email is not going to do. Because then you have a side conversation
here. Later on, you have a disagreement, and you say ‘well we meant this, Your
Honor'”.
• But not every conversation is shared with all parties to the contract. “The broker is
there in the middle. The brokers work best by having private discussions,” said de
Crom. “Not all the info needs to go all the way.”
• And the workflow process marries the messages and the files with the contract. It
avoids the typical scenario of searching through emails and excel spreadsheets for
the correct version of the agreement.
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27. B3i ECOsysyetm
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28. 38 member
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