Atlas Magazine March 2018

Digital insurance, the new Eldorado

Who would have imagined it? Insurance, this venerable institution comes out of its hibernation to embark on the most formidable stage of its evolution thanks to technological breakthroughs.
Atlas Magazine N°149, March 2018
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The revolution witnessed by the automobile industry sheds interesting light on the possible future of one's business. Completely still until then, the car sector is now undergoing a parade of new players, exclusively technological, determined to turn the established order upside down.

Cars, until then, being metallic bodies, are now endowed with detectors and smart systems relegating the driver to the role of a mere spectator.

The notion of individual vehicle is gone and replaced by that of mobility, with tomorrow’s car being controlled online by means of a smart phone.

The insurance business is likely to undergo the same upheavals, with the initial deployment of detectors in different environments. These detectors may also be domestic or corporal. They will make it possible to assess risks and rate it in a permanent and automatic fashion; hence the importance of the famous blockchain to come into play. No more paper work as blockchain now provides for a secure and anonymous framework designed for the transaction of smart contracts, directly fed by the data supplied by the detectors.

Connected to blockchain, the locker of an apartment on a lease may, upon introduction of the entry code, trigger its “smart contract”. The insurance policy is then activated and rated taking into account the lease period and the digital profile of the lessee.

As regards travel insurance, “smart contracts” are already operational on blockchain Ethereum*.

Blockchain, artificial intelligence, connected objects, no environment other than insurance may provide so many horizons for the players of the digital world in order to make the totally automated and ideal vision of the future become a reality.
The way is now paved for insurers. It is up to them to follow it.

**Ethereum is a platform of decentralized exchanges designed for the creation of smart contracts. Ethereum uses Ether, which is virtual money, as a mode of payment of contracts.

Atlas Magazine N°149, March 2018

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