Axa ends its experience of blockchain insurance contract

by bold-lichterman

The Axa group has stopped its experiment with a blockchain-based insurance contract, which allowed air passengers to receive compensation in the event of flight delay, he announced on the website that marketed the contract. ” We would like to thank you for these 2 years and for all that we have learned with you. The Fizzy team (the name of the insurance contract) moves on, but we’ll see you soon ”, indicates Axa on the site. ” Policies purchased upstream of course remain valid ”, says Axa. Asked by AFP on the reasons for the end of this experience, Axa did not respond immediately.

The Fizzy insurance policy was one of the first use cases of the blockchain for a consumer product, excluding cryptocurrencies. This computer protocol makes it possible to create kinds of large virtual registers, where communities of users record their transactions or contracts in an unforgeable manner. Some consider the blockchain as an innovation as important as the Internet, capable of causing the irruption of an economy without intermediaries, freed from States, banks or large companies.

Around a hundred compensations since 2017

But for the moment, the blockchain is still mainly confined to cryptocurrencies or to very professional applications, and still embryonic, such as food traceability or the management of certain financial securities. Fizzy allowed air passengers to insure themselves against flight delays. Compensation was triggered automatically if Fizzy detected a flight delay, in particular thanks to the information available on specialized sites.

The entire process, from underwriting the policy to issuing compensation, was carried out without human intervention by the blockchain. A year after its launch in September 2017, Fizzy had registered more than 11,000 policies and made around 100 indemnifications, according to figures communicated at the time by Axa.