Inmediate is pleased to share it’s first prototype; dry commute insurance, a fantasy product to demonstrate the workings of smart contract based insurance with dynamic premium in fiat and crypto (including our native DIT) that can be sold online directly to customers and offers immediate pay-outs.
In Southeast Asia, we regularly experience sudden heavy downpours. One moment the sun shines brightly and the next it’s raining cats and dogs. This prototype smart insurance covers a person against such sudden rain at a time when it causes inconvenience. For example when returning from an event or from work smartly dressed, and getting caught by rain, obliged to spend a lot of money on a taxi, ending the day on a downer.
So how does it work?
A customer enters the starting location, destination, date of the event, time at which (s)he starts the protected journey as well as the duration window of the coverage which in turn requests a real time (dynamic) quote online.
Our application dynamically calculates the premium (price of the policy) based on IoT sources (e.g. location, weather data for the relevant time period) and historical / predictive data required by the insurers algorithm. The system displays the distance, premium and payout details.
Once the payment is made the policy details will be displayed along with the policy ID.
The policy smart contract is then deployed to the blockchain. Pay-out conditions are part of the smart contract and its status can be viewed by the customer online. An email will notify the customer that continuous monitoring for the purchased covered event has started.
The occurrence of rain during the insured period will trigger an pay-out through the preferred pay-out method. Another email will be sent about the pay-out. If there is no rain, the contract will expire.
Dry Commute Insurance is our first prototype. The second one is well under way and with each prototype we endeavour to add and demonstrate an added layer of complexity, helping to pave the way for an increasingly versatile and robust application.
Go and try it out for yourself here
Stay tuned for our next prototype, due in a few days (yes days :-)
Disclaimer; this is a Prototype and not a commercial product. For that reason we have allowed ourselves some liberty and short-cuts with regards to the commercial fine-tuning and graphic display of this product.