Theory put to practice: MoWi

MoWi was our first MVP product, which we launched with Aegon Hungary in 2019 on the Hungarian market. It is a standalone parametric insurance product that relies on people's fear of missing out on fun and adventure. It has fully automated claim processing and claim settlements utilizing third-party data sources built on top of blockchain technology for maximized transparency and security. It’s an end-to-end process, MoWi takes care of the whole user journey, from the insurance purchase all the way to the automated payout to the policyholder.

MoWi collects information about the operational status of ski lifts at the selected ski resorts, and in case they are down it automatically triggers the payout. As the weather itself is not always enough to decide if it is possible to ski or not at the specific ski resort or slope, on the other hand, problems in ski lift operations always indicate if the slopes are skiable.

MoWi in action

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The problem

The best holiday deals are usually available if customers book well in advance. However, nobody can predict what the weather will be like within the selected period, and bad weather usually comes with extra expenses. Classic insurance providers simply don’t have powerful, digital solutions for this problem.

The implementation

The automatic claims settlement is a huge win for the customers: this lets them immediately book additional days to extend their vacation or spend on other activities from the compensation fee. This means that no matter the weather, your customers can rest assured that their insurance covers all the bases.

The usage

MoWI lets customers customize the conditions of their insurance (like the ideal percentage of functioning ski lifts during the trip) or set the date of the travel and the expected compensation. Next, the contract is recorded as a smart contract in a public blockchain. If the conditions are met, compensation is automatically received without going through a lengthy claiming process.

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