French insurance giant AXA’s Ether Square test is the block chain into the mainstream of the opportunity?


nn”Fizzy” is the last area of ​​insurance upgrades, but also “parameter insurance” the first important case. And AXA is the first company to bring the block chain to the mainstream market.n
nTranslation: Annie_Xun
The summer of the northern hemisphere is nearing the end of the damp heat, and we should think about the luggage lost in the holidays, the trouble of the hotel and the strange weather.n
However, often the most annoying flight delays will soon disappear, and the block chain will play a major role. Because the past week, the French insurance giant AXA (AXA) announced the management of aviation insurance block chain platform test run.n
The platform is called “Fizzy”, a smart contract network that connects to an Ethernet-based platform that can scan for delayed flight data sources. If these flights meet the insurance terms, will automatically trigger compensation.n
Although the first test scale is limited, currently only covers the Charles de Gaulle airport to the United States direct flights, but its importance is still very large.n
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Planningn
Travel insurance is not a new concept, to ensure that the flight canceled, baggage loss insurance policy can be traced back to the late 1800s. But terrorism and extreme weather have contributed to the surprising increase over the past few years, and this trend will continue.n
But the industry did not catch up with the pace of innovation, despite the emerging insurance technology start-up companies trying to change the mode of operation of insurance, mainstream insurance terms and implementation of the same or 50 years ago.n
But this project is epoch-making, not only in technology, but also its focus and market initiatives.n
Although a large number of independent block chain start-up companies have been in the flight insurance initiatives, but Fizzy is the first enterprise has been initiated, but also the first to enter the mainstream market.n
Now in the beta stage, route coverage is limited, AXA plans next year in the global promotion.n
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the truth n
Fizzy is also an emerging case of “parameter insurance” sub-category, without the loss of compensation, but the introduction of the default payment based on the trigger event.n
Parity Insurance Traditionally limited to large corporate catastrophe bonds, by eliminating uncertainty, it has the potential to simplify risk management, reduce costs and increase customer satisfaction.n
This is also the area where the chain-chain technology can play a huge role. The policy insurance policy implemented on the technology platform can “prefer to be small” to cover more possibilities and reach more audiences.n
But why is the block chain? Why can not it be a distributed database? Because the underlying trust problem often leads to the inability to not cover personal insurance.n
Most of us know that it is difficult for insurance companies to pay compensation. Block chains can eliminate the need to save receipts without the need to submit a written document or authority to participate. It can also eliminate the need for a large number of trust, do not rely on insurance companies take the initiative to take measures, because the system embedded terms can not be modified.n
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Flight pathn
Although the first mainstream test to flight-based, but it can be extended to other types of traffic. May cover areas such as home and medical insurance.n
If the police theft records uploaded to the network, the X scan, intelligent car sensors can detect accidents or hurricanes caused by floods to a certain level, you can automatically pay.n
Therefore, AXA for this project to take the name though very humorous, but also very appropriate. In a bubble drink, the small bubble turns the liquid into a more enjoyable experience. In the insurance industry, small parameter contracts can change the way we interact with the industry, starting with personal insurance, but may extend to business and life insurance.n
More customers can get insurance coverage, lower costs, insurance companies larger market, the emergence of new financial security, these block-based travel insurance experience will let us catch a glimpse of the next decade, what is the insurance industry Fan sight.n

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