Revolutionary Train Delay Protection built on the Etherisc platform
Ever found yourself stranded due to an unforeseen train delay? We’ve all experienced those frustrating moments, and let’s be honest, they’re far from enjoyable.
Mittweida CSI (Community Supported Insurance) (a team including the Mittweida Blockchain Competence Centre) has leveraged the Etherisc platform to create a revolutionary, parametric train delay insurance solution. This innovative offering brings transparency and efficiency to policyholders, ensuring seamless journeys for travellers and commuters (initially) in Germany 🇩🇪.
Understanding the Etherisc platform
Etherisc’ platform (“GIF”) is the first and only platform that allows you to easily create end-to-end parametric products, using blockchain technology. Established in 2016, its highly experienced and technical team remain at the forefront of decentralized insurance and revolutionary, real-life applications of smart contracts.
The GIF consists of modular, fully flexible and customisable pillars, all underpinned by smart contracts
- Instance: provides the modular and generic business logic platform for individual products, oracles and risk pools
- Product: use case specific customization and implementation for end-to-end policy management and claims processing
- Oracle: flexible APIs that plug into any on/offline data source to automate claims payments
- Investor / Risk pool: use case specific customization and implementation to manage investor funds and bootstrap risk capital including peer-to-peer
This means that flexible parametric insurance policies can be quickly and easily built at low cost.
CSI Mittweida quickly and easily built a product on the platform
The Mittweida CSI chose to build on the Etherisc platform because of its solid reputation, robust infrastructure and cutting edge technology. The team quickly leveraged the flexible product modules to create the train delay solution.
Policyholders can purchase insurance coverage through a user-friendly interface, and their policy details, premium payments, and claims information are securely recorded on the Polygon blockchain. When a train delay occurs, the smart contract automatically verifies the claim criteria and policyholders receive immediate compensation through the blockchain-based payment system.
The product has been built on the Polygon blockchain, enabling users to benefit from fast transactions and low transaction fees. Consumers can purchase policies using their IBAN to pay for their policies in EUROs, broadening the customer target group beyond crypto-native users. This has been achieved through leveraging Monerium technology.
This week, as part of opening the product to a limited group, the first claim has been paid (via SEPA). 🙌 The customer paid a €3 premium and received €12 compensation for a 60min delay for a journey from Chemnitz to Flensburg.
🚋 Travelling by train in Germany? 👉 Try it for yourself now! 👈
👀 As part of this project we’ve also trialled a governance utility for the DIP token using SafeSnap. More on this to follow….
Conclusion:
Etherisc-based train delay insurance by Mittweida CSI represents a significant advancement in the insurance industry. By harnessing the capabilities of the Etherisc platform, this innovative insurance solution brings transparency, efficiency, and security to policyholders.
As blockchain technology continues to reshape the insurance landscape, the Etherisc platform serves as a testament to the transformative potential of decentralized applications.
Find out more
Our video https://www.youtube.com/watch?v=qABUPaiuvV0 (German with English subtitles)
Want to experience the benefits of building on Etherisc for yourself?
Reach out to us at contact@etherisc.com
Hop into our sandbox to find out more https://docs.etherisc.com/gif/
Want to get and stake some DIP?
Head over to Uniswap or Bancor where DIP is currently listed, to acquire DIP tokens.
👋 Got questions or feedback?
Hop over to our Etherisc site, Twitter, check out our blog, join our telegram or discord communities
