Deloitte’s test of micro-insurance for the sharing economy

The consulting firm has developed in France a policy prototype for the sharing economy along with two startups: LemonWay, that is going to arrive in Italy, and Stratumn. The test, based on blockchain, is called LenderBot

Published on 15 Sep 2016

Deloitte France activates a trial in the insurance sector, and not by chance, indeed by putting together three industry disruptor issues: blockchain technology, sharing economy, micro-insurance.

The test is called LenderBot and is a proof-of-concept realized together with two French startups: Stratumn, operating in the blockchain and LemonWay, an innovative company that offers digital payment services in the sharing economy.

The service, in some respects similar to that proposed by the startups Trov,is essentially offered through an online platform for customized micro-insurances that allows to insure anything for the time needed. But above all, products and services of the sharing economy as the car transfer with Uber or an accomodation via Airbnb.

“Deloitte has developed in collaboration with Stratumn and LemonWay, a prototype capable of delivering a tailored micro-insurance to the needs, habits and profiles of the younger generation. This insurance for the “sharing economy” based on Blockchain technology, will ensure the new services of the ecosystems that make up the lives of the younger generation.” Deloitte writes on its website.

Microinsurance will be added to purchases (or borrowings) of products and services in a variety of ways, in particular by mobile, using messaging, the app or the payment system.

The system can be used by companies, which can offer the micro-insurance policy linked to the purchase of a product or service; and between private parties, even through Facebook Messenger: the blockchain technology used, allows and guarantees this type of transaction.

“The blockchain simplifies the transfer of trust from a service to another. In LenderBot we rely on the identification provided by Facebook and LemonWay to create a three-way contract between the insured and the insurer. This transfer of trust is strengthened by the use of encryption and timestamp data in the blockchain. Such an activity provides data protection and traceability of each stage of the signing of insurance policy.”, said Richard Caetano, CEO of Stratumn.

Deloitte, a global consulting firm specialized in financial services, is very active today on the subject of blockchain.

Julien Maldonato, Financial Industry Director of Deloitte: ” Banks and insurance carriers are interested in blockchain technology, not because of fear of its disruptive nature, but rather for the possibilities offered to let their business grow, improve operational efficiency and reduce costs. We are confident that in 2016 the transition from a research phase to a phase of development of prototypes (POC), will be carried out”.

The cooperation among Deloitte, LemonWay and Straumm, is a significant example of open innovation that brings value innovation in the market (in this case specifically the insurance sector) relying on the cooperation and sharing of know-how in the practical implementation of a service: Deloitte brings its knowledge of the financial world, its experience and authority; Straumm, startups with expertise in blockchain technologies, since a bit of time is engaged in developing solutions for micro-insurance and also has collected important investments to this end; LemonWay (now scaleup company with over 2 million customers, opening offices throughout Europe including Milan) has developed and makes available to LenderBot specific expertise in digital payment solutions for marketplace and of course its technology.

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