It seems solving the pain points of delayed air travelers has become one of 2018’s hottest challenges. The latest brand to take it on is insurance brand AXA, via “fizzy”, it’s smart travel insurance.
Here’s how it works – “AXA’s blockchain-powered insurance plan, called Fizzy, covers travelers for delays of up to two hours or more. When customers purchase insurance using Fizzy, all details and contract agreements are recorded publicly, on the Ethereum blockchain. The contracts, which are connected to global air traffic monitoring databases, automatically trigger compensation payouts when a delay of more than two hours is recorded.”
In otherwords, you get paid (automatically) when you get delayed.
Why it’s hot:
First, it’s one of the most simple and practical, yet smart uses of blockchain and smart contracts we’ve seen yet. There’s plenty of chatter about the potential of blockchain, but considerably fewer actual things consumers can currently do that are blockchain enabled.
But more importantly, it’s a beautiful example of human-driven innovation – and not just because it helps in a situation most of us are likely all too familiar with (delayed flights, more than 150k in the last 30 days just in the US).
One of the biggest headaches with insurance can be having to make claims and waiting to be compensated. fizzy automatically knows when you should be compensated and does so “by the time your flight lands”. So, a matter of hours instead of days.