API endpoints are two systems communicating with each other. In our case, they enable us to build and integrate solutions that take the weight off your IT department’s shoulders. Once the solution is ready, you just have to hook up to the software through an API endpoint–this saves you the hassle that comes with troubleshooting or updates as everything is being taken care of on our end.
By using blockchains, it’s nearly impossible to change, hack, or cheat your system. Each block contains a cryptographic hash of the previous block, a timestamp, and the transaction data. Blockchains also enable us to create smart contracts for your customers: these are self-executing contracts directly written into the code, containing the terms of the agreement between two parties.
We use third-party providers’ data to make sure we consider every variable, be it creating contracts or claim handling processes. This could be something as simple as processing snow forecast data or considering ski lift schedules while determining contract details.
We process data from third-party providers (weather, flight, disaster, IoT/agro, and medical data), which is in turn constantly monitored by our system. Details are registered into a smart contract. If conditions are met, the claim can be settled.
We launched our first product, MoWI, as a pilot project in 2019. It was developed for Aegon N. V.: we wanted to introduce an innovative way of claim adjustment within the insurance process.
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 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.
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.