Etherisc Offers Blockchain Flight Delay Insurance For Devcon3

News | October 30, 2017 By:

Swiss decentralized insurance platform Etherisc has launched a blockchain-based flight delay insurance for visitors traveling to Devcon3, the key developers conference in the ethereum community, which will be held next month in Cancun, Mexico.

Underwritten by Atlas Insurance PCC Limited, the blockchain-based flight delay insurance will automatically reimburse travelers via smart contract when flights fall behind schedule. Etherisc said Devon3 attendees will have the opportunity to become one of the first individuals ever to be covered by a licensed insurance company on the blockchain.

The company noted that policies will be facilitated by an ethereum smart contract, allowing travelers to share the risk of a delayed or canceled flight with fellow travelers. Passengers can choose their preferred premium, view their estimated payout, and make their purchase in ETH, US dollars, euros, or pounds sterling.

The blockchain-based flight delay insurance also acts as an autonomous risk-bearing mechanism, risk-pricing engine, claims administrator, and a payment system.

Etherisc co-founder and CEO Stephan Karpischek said that the frustration of a flight delay or cancellation is a familiar feeling for many travelers.

“Dealing with traditional insurance after the fact often adds to the stress of interrupted travel plans,” said Karpischek. “Etherisc is delighted to offer a decentralized insurance to the ethereum community. We can think of no better audience for this innovation that addresses the common hassles previously accepted as a normal part of the traveling experience.”

Karpischek added that Etherisc’s flight delay insurance is a prime example of how blockchain technology can disrupt traditional industries and challenge established players.

“We believe that decentralized insurance, which offers policyholders unprecedented transparency, efficiency, and fairness, represents the future of the industry,” said Karpischek.