French Insurer AXA Creates Blockchain Flight Delay Platformbr>
French insurance giant AXA has created a new flight-delay insurance product to manage insurance contracts and to process payments using the ethereum blockchain.
Called Fizzy, the new product is being pitched as a “smart insurance” tool that flyers can use to insure their trips if their flight is delayed by two hours or more. The company said that the ethereum blockchain is used both to record a smart contract copy of the insurance and also to link into global air traffic databases to match flight data to insurance policies.
“The smart contract is the party that decides whether or not we should indemnify the policy holder and triggers a payment request to our system,” said AXA representative Jean-Baptiste Mounier. “The use of a smart contract to trigger claims will add trust in the insurer / policy holder relationship.”
Currently in the test phase, Fizzy applies to direct flights between Paris Charles de Gaulle airport and the US, in either direction. The goal for the upcoming months is to expand the solution internationally and develop partnerships with airline companies, travel agencies and airports to further improve users’ travel experience.