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CARECHAIN: Supporting CARE through microinsurances using blockCHAINs

CARECHAIN: Supporting CARE through microinsurances using blockCHAINs

Slides presented at the ONTOCHAIN Summit for Trustworthy Internet by Iñaki Fernández Pérez & Diego Valdeolmillos

ONTOCHAIN

June 02, 2022
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  1. | ONTOCHAIN.NGI.EU
    CARECHAIN
    supporting CARE through microinsurances
    using blockCHAIN
    5 months
    University of Salamanca - BISITE research group (Spain)
    Eurostar Mediagroup (Spain)
    Contact: Iñaki Fernández Pérez ([email protected])

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  2. | ONTOCHAIN.NGI.EU
    2
    Project Overview:
    2
    ❖Objective:
    ➢To create an environment for the execution of smart
    contracts for parametric microinsurances based on a
    distributed ledger, to guarantee users the application
    of coverage when meeting contract conditions
    ❖Parametric microinsurances:
    ➢Insurances that are executed automatically upon
    fulfillment of the condition of their clauses
    (parameters): i.e. maximum/minimum values and
    dates
    ➢Ex: Temperature in transport must be kept below 0
    ºC

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  3. | ONTOCHAIN.NGI.EU
    3
    Architecture I
    3

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  4. | ONTOCHAIN.NGI.EU
    Architecture II:
    Role-based System and Contract Templates

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  5. | ONTOCHAIN.NGI.EU
    5
    Smart Contracts (SCs)
    5
    ❖Ethereum Standards
    ➢ERC735 Claim Holder Registry
    ➢Add/delete/retain clauses: certified by third parties or self-certified
    ➢ERC930 Eternal Storage:
    ➢Update SCs deployed using proxies: deploy new SCs & keeping
    old ones referenced

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  6. | ONTOCHAIN.NGI.EU
    6
    Oracles
    6
    ➢ Data goes (REST API, MQTT) from sensors to a decentralized network
    of oracles, in charge of ensuring (via AI) that it has not been
    tampered with
    ➢ After analysis by the network of oracles, data is uploaded to a
    blockchain, which provides data traceability and allows to
    automatically check if insurance-specific clause has been broken in
    order to obtain compensation to the client
    Interaction with ADOS project in ONTOCHAIN OC2
    ➢ Solution for a distributed system of oracles in IoT scenarios
    ➢ Anomaly detection, possibility of identity verification for IoT devices

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  7. | ONTOCHAIN.NGI.EU
    Demo
    Video here

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  8. | ONTOCHAIN.NGI.EU
    Business model
    Market Context
    ➢ Insurance market provides services under typical market economy
    premises of supply and demand
    ➢ Insurtech’s goal is to improve services and customer experience with
    more agile and secure mechanisms, customized experiences and
    contracts, using innovative technologies (e.g. big data/AI to calculate
    accurate policy pricing)
    ➢ A related challenge concerns experts moving their work online, which
    requires corresponding secure digital mechanisms. In 2020, European
    Commission’s Digital Finance Strategy published a proposal for regulating
    transactions with DLTs

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  9. | ONTOCHAIN.NGI.EU
    Business model - Strategy
    Business to Consumer
    ➢ Easy contracting process
    based on specific
    parameters, given from
    insurance companies
    ➢ Use of measurable data to
    create a reliable index that
    triggers the insurance
    when needed, helping rapid
    access to compensation
    Business to Bussiness
    Insurance companies
    Carechain improves services for
    insurance companies in their
    parametric microinsurances by:
    1. Enhancing services
    2. Reducing managing costs
    3. Providing secure and agile
    online mechanisms

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  10. | ONTOCHAIN.NGI.EU
    Business model - Barriers
    B2B - Insurance companies
    ➢ As Insurtech is a novel industry, Carechain has to deal with regulations barriers:
    1. Default paper requirements and unnecessary, burdensome reporting
    requirements
    2. Unduly strict requirements when outsourcing insurance activities
    3. Product testing requirements, involving huge effort on a rapid environment, and
    restrictions on insurance licensing
    ➢ This might could change if regulators facilitate rapid exchange on information
    between supervisory authorities and market participants to clarify applicable
    regulations and expectations from the authorities.

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  11. | ONTOCHAIN.NGI.EU
    Business model - Forecasting
    ➢ Pricing for clients will range from 9,90€/month (annual), to 14.90€/month
    (monthly)
    ➢ Our forecast will provide financial stability (thanks to long-term subscriptions)
    2023 2024 2025
    CARECHAIN
    (Annual)
    9.90 × 200 × 12 = 23
    760 €
    9.90 × 1000 × 12 =
    118 800 €
    9.90 × 15000 × 12 = 1
    782 000 €
    CARECHAIN
    Plus (Monthly)
    14.90 × 100 × 12 = 17
    880 €
    14.90 × 1000 × 12 =
    178 800 €
    14.90 × 7000 × 12 = 1
    251 600 €
    Total 41 640 € 297 600 € 3 033 600 €

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  12. THANK YOU!
    /company/ontochain
    ontochain.ngi.eu
    @ONTOCHAIN
    @ONTOCHAIN
    f6s.com/ontochainproject
    /channel/UCcF7Ovd99lOKcjMGQdnhIvA

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