Insurer launches blockchain-based insurance solution

Insurance start-up SafeShare has launched a new blockchain-based solution, designed to help the ‘sharing economy’.

Insurance start-up SafeShare has launched a new blockchain-based solution, designed to help the ‘sharing economy’.

The firm has partnered with Vrumi, a ‘sharing economy’ firm that enables homeowners to rent out an extra room to people who need space to run a business. SafeShare will allow counter-party obligations, whereas traditional insurance packages do not typically allow for homeowners with paying guests. It will facilitate this offering by utilising blockchain’s distributed database - the technology behind the digital asset and payment system bitcoin.

Co-founder of SafeShare, Alex Steinart said: "Insurance for the sharing economy needs to be flexible and responsive to customer needs. Our distributed ledger approach, developed by Z/Yen Group, offers the opportunity to coordinate the provision of products between counter-parties in near real-time and to radically cut the cost of this coordination."
Insurer launches blockchain-based insurance solution
 

Executive chairman of Z/Yen, professor Michael Mainelli, added: "Z/Yen's woven broadcast technology delivers SafeShare's insurance solution an undisputable record of the insured through a distributed network of proof."

Abizer Rangwala, MD of Accenture’s insurance IT strategy, recently stated that the insurance industry is gaining momentum in the use of blockchain. Adding that it was ‘slowly figuring out the true business use or to some degree what the use case should be’.

The technology has generated the interest from insurers as transactions are transparent, dealings are performed quickly and inexpensively and the history of contracts or deals are recorded.