In 2018, a handful of finance experts came up with an idea: what if people didn’t have to worry about random factors like bad weather during their vacation? What if there was an innovative insurance solution that adapts to each and every situation?
This group had considerable experience in leading innovative projects in the fields of finance and insurance, which greatly helped with validating the idea. At first, this idea became a project, and shortly after a demo version of a product that benefitted from blockchain technology. Seeing the potential in this demo, a company was founded and thus insurwiz was born.
The following period was all about finding partners. Eventually, we managed to land a partnership with Aegon Hungary: based on our demo project, we began to develop a full-fledged product. With our eyes set on the 2019 winter season, we created MoWi, which is a smart insurance solution that uses ski lift data and utilizes blockchain technology to settle claims immediately.
MoWi was launched in January 2020 as an MVP (minimum viable product), which meant that there was plenty of work left to do: in order to further improve our offerings, we booked our first investor deal. We teamed up with Solus Capital, who did not only provide financial backing but also offered professional help to further improve our product.
All these had a great impact on making our processes and the organization itself ready to grow. We keep searching and developing new products, services, and solutions for insurance providers. Despite the pandemic, we kept on growing: new employees have joined insurwiz, and we also struck a deal with Allianz.
The past years have been filled with new challenges and partnerships, and we’re excited to see what is yet to come for insurwiz and the products we develop.
We're always looking for new opportunities to keep our business flourish. If you're interested, get in touch with us now. Alternatively, you can read on to find out more about our past investments.
• Caller ID: GINOP-8.1.3/B-17
• Presentation of project content:
The project aims to bring to market a platform that will help insurers develop new innovative products. The platform uses blockchain technology, which allows contract conclusion, claims investigation processes, and claims payments to be fully automatized and digitized so that insurers can serve their customers more cost-effectively and securely, and the administration is simpler and faster for customers.
• Amount of contracted repayable aid: HUF 380,000,000
Although blockchain is not required for the automation of the claiming process, we chose to build our solution around it because of its well-known features like transparency, security and inalterability. Our aim is to use cutting edge technologies to make our products futureproof.
Parametric insurance or index insurance is a non-traditional insurance product that offers pre-specified payouts based upon a predefined trigger event.
Our API endpoints is a lightweight IT task for the partners, With our ready-to-go products, it can be as short as a matter of weeks depending on the IT capacity of the partners. Once we receive the flight number and based on the flight data we handle the outcome.
With parametric insurance, we always aim to fully automate the claims process. so, once we detect a flight is canceled or delayed the customer automatically receives the payment with no paperwork or administration required.
We use multiple data sources that are compared to determine the status of a flight for the most accurate result.
Customers don’t need to manually submit a claim. Our automated validation processes enable us to compensate the policyholders in case of an insurance event without the need of manual input. In some cases it only takes a matter of minutes.
Yes! Our solutions comply with the European Union’s GDPR requirements.
Insurance companies and third parties (ex; insurers, brokers, online travel agencies) for now. And in the near future we will be open to collaborate with the Airlines, aggregator sites for travelers. We are open to any collaboration with the companies which offer a peace of mind solution to their customers.
Insurance and statutory compensation(by EU law) are not identical services. Our flight disruption solution provides additional insurance compensation for the travelers when they need it.
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