Insurance without a glass palace – the first blockchain-based flight cancellation insurance
With Flight Delay, Etherisc is revolutionising the insurance market – cooperation with passenger portal Captain Frank announced
- The pilot project realigns the insurance business
- The vision: to be the first blockchain-based primary insurer
Hohenschäftlarn, October 25, 2017 Flight Delay is the market’s first flight cancellation insurance that is entirely blockchain-based. Etherisc GmbH, supported by its cooperation partner Captain Frank, is starting a pilot project to test a new innovative insurance solution. Compensation is provided starting from a delay of 15 minutes.
“This pilot project marks the beginning of a new era in the insurance business,” explains Christoph Mussenbrock, Managing Director of Etherisc GmbH. “We are levelling the playing field for policyholders and insurance companies!” Captain Frank is the first company to support the marketing of this innovative flight cancellation insurance solution. Michael Hoesch, Managing Director of Captain Frank GmbH and Lifebond Holding GmbH & Co. KG, is confident that “the time has come for new concepts in the insurance sector. People no longer want corporations to make decisions for them and will increasingly accept these new offers”.
Insurable flight cancellation starting at 15 minutes
With Flight Delay, you insure a specific flight and determine the amount of the payout in case there is a delay. A payment of up to 100 Euro is possible for a delay starting at 15 minutes – and potentially more in case the flight is cancelled.
Blockchain – “back to the roots” insurance
Etherisc has set itself the goal of creating a decentralised platform for blockchain-based insurance. “Flight Delay is the first example of this new type of insurance, one that is more transparent, fairer and cheaper. We are delighted that Captain Frank is supporting us in this endeavour because this passenger portal is another innovative idea from the insurance specialist Lifebond, whose appropriate know-how fits very well with our product”, explains Christoph Mussenbrock. “We are currently working with Atlas Insurance Malta on our pilot project, but in the medium term our aim is to launch our own primary insurer on a blockchain basis”. Michael Hoesch adds: “We are constantly working on new business ideas. In particular, we see topics related to Insurtech, such as Flight Delay, to be trendsetters, which is why we are confident that our pilot project with Etherisc will be a further milestone on the road to modernising the insurance industry.”
Captain Frank sponsors the first 100 payouts: www.captain-frank.com
Captain Frank GmbH
The passenger portal Captain Frank was founded at the end of 2016 and is located just south of Munich. In collaboration with a varying team of students, management has created a start-up company through which airline passengers with a claim to compensation due to delays or cancellations are immediately paid an appropriate amount, minus a processing fee.
Etherisc’s mission is to build decentralised insurance applications, making the purchase and sale of insurance more efficient, enabling lower operational costs, increase transparency of insurance compared to traditional operations, and democratise access to reinsurance investments. Founded in 2016, Etherisc has won several awards, most notably the “Blockchain Oscar for the most innovative blockchain startup”. The company is based in Munich, Vienna, San Francisco and Zug.