By Sade Williams
AXA, global insurance leader, just released Fizzy, a new solution of retail insurance that automatically compensates customers for flight delays over two hours.
Fizzy is a fresh new genre in insurance that offers direct, automatic compensation to policy holders whose flights are delayed.
Explaining how it works, the company says when a traveller buys flight delay insurance on the Fizzy platform, AXA records the purchase in a tamperproof network, the Ethereum block chain, making the insurance contract equally tamperproof.
“This smart contract is connected to global air traffic databases, so as soon as a delay of more than two hours is observed, compensation is triggered automatically. In this way, AXA has delegated the compensation decision to an independent network, strengthening the trust that customers can have in AXA.
“What Fizzy offers is parametric insurance because it uses a parameter, in this case, flight statistics to trigger the performance of a contract. The coverage is completely transparent: you know in advance how much you will be reimbursed if your flight is delayed”.
Currently in the test phase, Fizzy applies to direct flights between Paris Charles de Gaulle airport and the United States, in either direction. The goal for the upcoming months is to expand the solution internationally and develop partnerships with airline companies, travel agencies and airports to further improve users’ travel experience.
With Fizzy, there is no need to report the claim! Compensation is automatic and immediate and 100% secure. Using blockchain technology enables AXA to guarantee the integrity of the policies that are recorded in it.
AXA is the first major insurance group to offer insurance using blockchain technology.
AXA Mansard is a member of the AXA Group. AXA Group is a worldwide leader in insurance and asset management, with 166,000 employees serving 107 million clients in 64 countries.
In 2016, IFRS revenues amounted to Euro 100.2 billion and IFRS underlying earnings to Euro 5.7 billion. AXA had Euro 1,429 billion in assets under management as of December 31, 2016.
The AXA ordinary share is listed on compartment A of Euronext Paris under the ticker symbol CS (ISN FR 0000120628 – Bloomberg: CS FP – Reuters: AXAF.PA). AXA’s American Depository Share is also quoted on the OTC QX platform under the ticker symbol AXAHY.
The AXA Group is included in the main international SRI indexes, such as Dow Jones Sustainability Index (DJSI) and FTSE4GOOD. It is a founding member of the UN Environment Programme’s Finance Initiative (UNEP FI) Principles for Sustainable Insurance and a signatory of the UN Principles for Responsible Investment.