This interview is part of our new Blockchain In Insurance series, where we interview the world's leading thought leaders on the front lines of the intersections between blockchain and insurance.
In this interview we speak with Paul Mizel, CEO of The Asure Foundation, to understand how his company is using blockchain to transform the insurance business, and what the future of the industry holds.
1. What’s the story behind the Asure Foundation? Why and how did you begin?
PM: The team behind Asure has been working within the insurance industry for over 15 years constantly looking for new technologies that could be used to improve insurance products and surrounding business processes.
In 2013, our attention was focused on Bitcoin and the blockchain technology used and recognized the potential for the insurance industry.
The blockchain technology improved a lot over the next few years and in 2017, we felt that the technology matured enough to allow the creation of modern solutions that could radically change the way social security systems are designed and operated.
We founded the Asure Foundation in early 2018 in Switzerland and since then work full time on our vision of improving social security systems and making them available to more people that currently don’t have access.
2. Please describe your use case and how the Asure Foundation uses blockchain:
PM: Social security systems consists of rules according to which money is redistributed between insured persons. We believe that we can bring many improvements to these systems by implementing them as smart contracts and using digital currencies.
We are especially interested in making social security systems easy to set up, allow cost effective operation, and more transparent systems to gain trust and help to reduce all kinds of losses (e.g. fraud, corruption, and other errors). We want to bring the security of blockchain technology to social security systems so people can stop worrying about losses.
3. Could you share a specific customer/user that benefits from what you offer? What has your service done for them?
PM: That's a very good question. Our goal is to provide a decentralized infrastructure for social security systems. We build our blockchain for provider of social security systems whether they implement systems for countries, cities, companies or decentralized communities.
But what can customers get from such a decentralized social security in general? I can answer that. Namely, we are talking about a system that is transparent and no authority or company can perform an act of corruption, because everyone can see what is being done with the assets. It's cost effective because it reduces administration, maintenance and error costs. And the third point is, one gets access to the system. Through our research we have found that around half of the population or every second person in the world has no access to a social security system. (4.1 billion people)
There are also many side effects that bring other benefits, but that is a big topic by itself.
4. What other blockchain use cases in insurance are you excited about?
PM: We really like Etherisc’s decentralized insurance protocol and their current focus on parametric insurance products like flight, crop, or hurricane. We see a great deal of potential in setting standards for insurance industries in order to eventually develop a decentralized industry which can work fairly for everybody's sake.
5. Where will the Asure Foundation be in 5 years?
PM: There are 2 topics I would wish for.
- I would like to see the Asure Network being decentralized to a high degree and the community working on new solutions to further develop the network and new applications.
- Another point is that we will have a decentralized experiment for a pension system on our blockchain that people are well aware of. The community shall analyze the solution and develop trust to it. Global participants are working steadily and trustingly with the system in order to insure themselves against possible risks or losses.