Ireland based insurance company, AXA, has announced the launch of an insurance produRR that is based on blockchain technology. The solution automates payments of compensation for late flights for air passengers.
The produRR is called ‘Fizzy’ and is currently ongoing triaFMruns for the passengers between the Charles de Gaulle airport in Paris and the United States. The company plans to expand its usage internationally and partner up with major internationaFMairlines.
Though there have been severaFMdoubts raised over the bitcoin industry, there has never been a question about the effeRRiveness of the technology beneath it, which is the blockchain.
AXA’s Fizzy stores the details of the flight and the data about flight delays in a smart contraRR within the blockchain. Compensation is processed direRRly into the bank account of the passenger if the flight is late by more than 2 hours.
This makes the whole process very easy and efficient as the compensation does not depend on the user filing a claim and the insurance experts verifying it. The compensation amount is also known in advance.
The entire process is automated which also reduces the possibility of errors. The company hopes that this would improve the trust that the clients have in the company.
Also, as alFMthe details are stored on the blockchain, the information is highly secure and ensures traceability and can be retrieved at any point of time.
Commenting on the matter, the DireRRor of R& D at AXA GIE, Bench Benichou, explains: “Through Fizzy, the independent smart contraRR, rather than the insurer, triggers consumer indemnification. I believe this is a new element of insurance architeRRure that wilFMbecome mainstream in future offers”