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
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
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
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
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
➢ 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.
ontochain
sadonosake
oracle4engineer
ryomrt
tinyjin
shumei_ito
askua
bengo4com
abemii
eijikominami
mineo_matsuya
chou500
naospon
aleyda
iamctodd
aki_iinuma
eitanlees
morganepeng
jonrohan
cromwellryan
geeforr
philhawksworth
caitiem20
skipperchong
soudai
