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AXA launches blockchain to cover late flight compensation

20 September 2017  |  21085 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 !
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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?

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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.

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