Sergejs Kuznecovs/123RF
 

19 Startups Using Blockchain To Transform Insurance [Market Map]

  • 7 December 2018
  • Sam Mire

The insurance industry could use a major overhaul. Aside from ever-growing premiums without any added value, the entire industry is incredibly opaque and difficult for consumers to understand. Terms are often complex, and people frequently overpay for insurance they'll never need. But that's not to say that insurers bear all the blame. Unfortunately, the available risk assessment tools and platforms don't lend themselves to any kind of custom solutions or innovative risk-sharing models.

That's where blockchain comes in. Through the use of cutting-edge blockchain solutions like smart contracts, decentralized payment networks, etc., startups and agile incumbents are about to disrupt the insurance industry by implementing more custom, on-demand, and peer-to-peer insurance solutions. The following companies are all working to implement blockchain to create better risk-sharing models while giving people more custom and affordable insurance options. Read on to find out how blockchain is going to upend insurance as we know it, and what opportunities for investment still exist.

Blockchain in insurance market map


CATEGORY #1: PEER-TO-PEER INSURANCE /MICROINSURANCE

Blockchain market map - Insurance - Peer to peer insurance/Microinsurance

Existing insurance models need an upgrade. Most people don’t need comprehensive coverage for every potential mishap, and most people pay high premiums for coverage they’ll never need. Blockchain technology makes it easier for people to share risk within a smaller community and seek insurance for specific and narrow uses. These companies are working to help decentralize insurance options and create more targeted insurance coverage that is tailored to real consumer needs.


suretyai-by-heartiSURETY.AI

SURETY.AI, a project from Hearti, is using blockchain to offer microinsurance to unbanked populations, particularly in Asia. Their aim is to leverage Hearti’s AI tools, combined with a new blockchain-powered platform and ICO, to give a more seamless experience to banks and insurers to motivate better investment in presently unbanked and uninsured populations and regions.


medisharesMedishares

Medishares is a blockchain-based, decentralized, open-source mutual aid marketplace.

They use smart contracts for users looking to enter mutual aid insurance services, and for insurers who want to provide these services.


poleecyPoleecy

Poleecy is a blockchain-based microinsurance provider in Italy. Their platform allows users to shop for and secure microinsurance policies for various needs. They secure all insurance data through smart contracts on the blockchain, increasing trust in the transaction’s veracity and timeliness.

Founded: Feb 2, 2018

Funding type:  Private


REGA

REGA Risk Sharing is a global software firm that is developing blockchain solutions for InsurTech and FinTech applications. They recently launched a beta of a crowdsurance platform for insuring luggage in the event it gets lost, and they plan to roll out additional blockchain-based crowdsurance options in the future.

Founded: Jul 22, 2016

Funding type: Private


nexus-mutualNexus Mutual

Nexus is building blockchain-based solutions for the insurance industry. Their goal is to replace existing insurance models with smart contract-driven mutual markets. By helping people share risk across larger communities, their hope is to lower insurance costs and replace the need for bigger insurance companies.

Founded: 2017


ixledgeriXLedger

iXLedger is the technology development arm of iX Technology Group. Their goal is to decentralize the current insurance paradigm, removing intermediaries that increase cost and shifting to a more peer-to-peer-driven model. They are leveraging blockchain to build their insurance offerings.

Founded: 2017

Funding type: Private


Teambrella

Teambrella is a social app that is designed to change existing insurance models. Their goal is to enable users to share risks with peers and help people in need.

They use blockchain technology to power their peer-to-peer insurance platform.


CATEGORY #2: ON-DEMAND INSURANCE/RISK SHARING

Blockchain market map - Insurance - On-demand insurance/Risk sharing

Sometimes you just need insurance for a short burst, or a particular life event. Currently, insurance markets aren’t well-suited for on-demand insurance or more distributed risk-sharing policies. Blockchain has the potential to change all of that, using smart contracts and powerful data insights to insure specific events or limited periods of time. These companies are using blockchain to provide on-demand insurance services, restructure risk assessment, and give people more custom insurance options.


ryskexRYSKEX

RYSKEX is a blockchain-powered insurance platform and marketplace for B2B insurance markets. Their aim is to help B2B insurers cover and transfer risks faster, and more transparently. They leverage smart contract to manage the closing of insurance contracts and future claims management and arbitration.

Founded: Mar 3, 2018

Funding type: Private


buzzvaultBuzzvault

Buzzvault has built a digital asset vault leveraging blockchain to make it easier for people to digitally catalog and store details of their possessions. This blockchain-based data helps users gain access to a customized intelligent insurance product for their distinct home insurance needs, based on their digitally recorded assets.


go2solutionKasko2Go

Kasko2Go is leveraging blockchain to create a new “pay as you go” driving insurance model that rewards users for better driving behavior in real time. They plan to invite existing insurers to their blockchain platform as long as they agree to their model, which will be enforced by smart contracts.

Founded: Feb 4, 2017


halos-insuranceHalos Insurance

Sponsored by Techstars, Halos Insurance is working to create a fully digital consumer insurance platform designed to make insurance simpler for consumers, while creating sustainable loss prevention insurance solutions.

 

Founded: Jul 16, 2018

Funding type: Private


CATEGORY #3: RISK/FRAUD PREVENTION

Blockchain market map - Insurance - Risk/Fraud prevention

Insurance fraud is one of the oldest financial schemes out there. Additionally, it’s difficult for both insurers and companies to assess the risk of various partners or service providers. By providing a more transparent reputation history, and a complete record of transactions on the network, blockchain can help companies evaluate new partners and the veracity of insurance claims. They can also gain access to more comprehensive claim data, which should help identify fraud faster. These companies are finding ways to use blockchain to reduce insurance fraud and help companies assess the risk of new business opportunities.


vouch-for-meVouchForMe

VouchForMe is a platform leveraging blockchain to create a more decentralized peer-to-peer insurance market. Based on social proof endorsements and personal connections, they hope to empower holders of crypto assets to invest in P2P insurance offerings and make insurance markets more fair and customizable.

Founded: 2017

Funding type: Private



pipratePiprate

Piprate gives companies in the (re)insurance space a way to share data that creates trust, accountability, and transparency. They use blockchain-backed data wallets and APIs to enable secure transfer and complete data traceability between business partners. Their goal is to make insurance data sharing significantly more secure and efficient, while contributing to compliance initiatives.

Founded: Apr 4, 2017

Funding type: Private


zillionZillion

Zillion is an InsurTech company using blockchain, intelligent data, and smart contracts to provide insurance at lower rates.

 

 

Founded: 2018

Funding type: Private


CATEGORY #4: INSURANCE DATA & OPERATIONS

Blockchain market map - Insurance - Insurance data and operations

Data analytics is the lifeblood of any insurance venture. Without good data, risk assessment and distribution become very uncertain processes. Blockchain is a helpful tool for insurance data because it acts as a secure, distributed database with more accurate information. These companies are using blockchain to help improve the quality, accessibility, and transparency of insurance data to enhance operations and reduce costs for the insurer.


CystellarCyStellar

CyStellar is a data analytics provider that works to give real-time insights to the insurance, agriculture, and logistics sector to support better data-driven decision-making. Their platform integrates a network of satellites, drones, ground sensors, and enterprise software to automate data collection, analysis, and aggregation. Their goal is to make key data insights more actionable. They are building blockchain systems in the hopes of delivering AI-powered risk selection and underwriting and claim assessment for the insurance sector, along with better provenance to avoid risk in industries like agriculture.


ichainiChain

iChain is rolling out enterprise blockchain solutions for the InsurTech industry. Their hope is to digitize paper processes and improve transparency through their blockchain-powered platform iChain Base. They are also implementing a wallet to help insured persons manage their data securely from their mobile phones.

Founded:  May 1, 2016

Funding type: Private


b3iB3i

The Blockchain Insurance Industry Initiative (B3i) is a collaboration of insurers and reinsurers formed to explore the potential of using distributed ledger technologies within the industry for the benefit of all stakeholders in the value chain. They are focused on developing and testing technical developments aimed at better serving customers and enhancing transaction efficiency, thus promoting competition.

Founded: 2016

Funding type: Private


skyline-partnersSkyline Partners

Skyline Partners is using blockchain, smart contracts, and real-time streaming data analytics to reduce inefficiencies in insurance models and open up more customizable solutions for the insured. Their current focus is reducing natural hazard and weather impact on the world’s under- and uninsured.

Founded: Jul 19, 2017

Funding type: Private



etheriscEtherisc

Etherisc is a decentralized insurance protocol to collectively build insurance products. Their goal is to build decentralized insurance applications, making the purchase and sale of insurance more efficient, enabling lower operational costs, increasing the transparency of insurance compared to traditional operations, and democratizing access to reinsurance investments.

Founded: 2016

 

Want more blockchain in insurance content?

Read: Blockchain for Insurance: 10 Possible Use Cases

About Sam Mire

Sam is a Market Research Analyst at Disruptor Daily. He's a trained journalist with experience in the field of disruptive technology. He’s versed in the impact that blockchain technology is having on industries of today, from healthcare to cannabis. He’s written extensively on the individuals and companies shaping the future of tech, working directly with many of them to advance their vision. Sam is known for writing work that brings value to industry professionals and the generally curious – as well as an occasional smile to the face.

Comments

COMMUNITY