| 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])
| 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
| 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
| 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
| 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
| 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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