AXA goes blockchain with fizzy

AXA is the first major insurance group to offer insurance using blockchain technology. Discover fizzy, a 100% automated, 100% secure platform for parametric insurance against delayed flights. ALL ARTICLES  |  Innovation
Sep 13, 2017

fizzy is a fresh new genre in insurance. It offers direct, automatic compensation to policyholders whose flights are delayed. If your plane is more than two hours late, fizzy will reimburse you immediately.

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Here’s how. When you buy flight delay insurance on the fizzy platform, we record the purchase in a tamperproof network, the Ethereum blockchain, making the insurance contract equally tamperproof. This smart contract is connected to global air traffic databases, so as soon as a delay of more than two hours is observed, compensation is triggered automatically. In this way, AXA has delegated the compensation decision to an independent network, strengthening the trust that customers can have in AXA.

Learn about fizzy in this video:

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What fizzy offers is parametric insurance because it uses a parameter (in this case, flight statistics) to trigger the performance of a contract.

The coverage is completely transparent: you know in advance how much you will be reimbursed if your flight is delayed.

With fizzy, no need to report the claim! Compensation is automatic and immediate.

fizzy is 100% secure. Using blockchain technology enables us to guarantee the integrity of the policies that are recorded in it.

Currently in the test phase, fizzy applies to direct flights between Paris Charles de Gaulle airport and the United States, in either direction. The goal for the upcoming months is to expand the solution internationally and develop partnerships with airline companies, travel agencies and airports to further improve users’ travel experience. 

Tags: Innovation