18 October 2017
visit www.avoka.com

AXA launches blockchain to cover late flight compensation

20 September 2017  |  15442 views  |  3 World map digital with numbers

AXA has launched a blockchain-based insurance product that automates the payment of late flight compensation for air passengers.

The product, called ‘Fizzy’ is being trialled for air passengers between Paris Charles de Gaulle airport and the United States and is expected to come to the UK early next year.

The insurance premium and agreements are all detailed on a smart contract and the flight is tracked in real time through global air traffic databases. Fizzy automatically pays compensation into the customer's bank account if the flight arrives more than two hours late. Compensation of a loss is not based on a customer claiming for it and insurance experts assessing the loss, but on data stored on the AXA blockchain.

Laurent Benichou director of R&D at AXA GIE says: "Through Fizzy, the independent smart contract, rather than the insurer, triggers consumer indemnification. I believe this is a new element of insurance architecture that will become mainstream in future offers”


KeywordsINSURANCE

Comments: (3)

Srilakshmi Parasumannah Amarnath
Srilakshmi Parasumannah Amarnath - ING Bank BE - Brussels | 20 September, 2017, 12:35 Simply brilliant !
Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 21 September, 2017, 12:44

Brilliant product! Delay, flight cancellation, lost baggage - the aviation industry is full of "parameters" on which damages can be claimed. Kudos to Fizzy AXA for choosing what's perhaps the most appropriate industry for launching "parametric insurance"!

On a side note, can anyone throw some light on the dependency of such an insurance product on Blockchain. Is there any intrinsic shortcoming with a centralized database architecture that compels one to launch this product only on the distributed database architecture facilitated by Blockchain?

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune | 24 September, 2017, 19:38

I just stumbled on to EtherIsc. It offers Ethereum-based flight delay compensation on many more sectors than AXA Fizzy. You don't even need to have a ticket on that flight to apply for a delay policy! But EtherIsc works only on alt-coin payments.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

BNP Paribas and AXA co-operate on blockchain-based fund distribution platform

BNP Paribas and AXA co-operate on blockchain-based fund distribution platform

19 April 2017  |  13930 views  |  0 comments | 16 tweets | 19 linkedin
AXA and Trov bring ‘on demand’ insurance to UK

AXA and Trov bring ‘on demand’ insurance to UK

22 November 2016  |  8258 views  |  0 comments | 10 tweets | 12 linkedin
Alibaba and AXA form insurance pact

Alibaba and AXA form insurance pact

29 July 2016  |  6589 views  |  0 comments | 5 tweets | 9 linkedin
Blockstream raises $55m

Blockstream raises $55m

03 February 2016  |  6642 views  |  0 comments | 12 tweets | 22 linkedin
Mobile-first US bank Bee joins AXA startup portfolio

Mobile-first US bank Bee joins AXA startup portfolio

22 December 2015  |  11119 views  |  0 comments | 7 tweets | 5 linkedin
AXA sets up EUR200 million disruptive venture fund

AXA sets up EUR200 million disruptive venture fund

25 February 2015  |  7489 views  |  0 comments | 13 tweets | 11 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.vasco.com

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15477 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8671 views comments | 16 tweets | 22 linkedin
hands typing furiouslyHow artificial intelligence can deliver a...
8275 views 0 | 8 tweets | 9 linkedin
satelliteGates Foundation backs Ripple collaboratio...
7738 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
6945 views comments | 9 tweets | 17 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job