The purpose of this undertaking is to extend the effectivity, safety, and confidence of the journey insurance coverage contracting course of on some gross sales interfaces of Intermundial.
MADRID – Spanish know-how consultancy, Hiberus, together with Swiss based mostly journey tech pioneer, Chain4Travel, are collectively engaged on an thrilling new undertaking to supply clever journey insurance coverage insurance policies via the modern Camino blockchain. This initiative is carried out for Intermundial, an insurance coverage agency specialised within the tourism sector. The use of blockchain know-how has considerably modified the best way information is used and saved and whereas this new know-how is filtering into the journey sector it creates alternatives to develop a variety of modern purposes and functionalities.
The purpose of this undertaking is to extend the effectivity, safety, and confidence of the journey insurance coverage contracting course of on some gross sales interfaces of Intermundial. “Our team is installing a validator node on the Camino blockchain through which we will have an active role in the new distribution network”, defined Raúl Gérez, Blockchain Manager at Hiberus. As quickly as clever insurance coverage insurance policies via Camino blockchain develop into out there, customers will have the ability to take out journey insurance coverage via the Intermundial web site. The system will create an NFT of the insurance coverage coverage contracted and it is going to be transferred synchronously to the shopper’s pockets. “The introduction of NFT policies will be a complementary mechanism to the existing one. It does not replace it, the use of a wallet will always be optional”, added Gérez.
Chain4Travel is pursuing the set-up of the worldwide blockchain-based ecosystem, Camino, a secure and safe buying and selling community for B2B, B2C and even direct to shopper (D2C) journey merchandise. Partners providing providers for the journey business are invited to create and develop options based mostly on this state-of-the-art blockchain know-how.
Ralf Usbeck, CEO at Chain4Travel, defined: “This first use case of Intermundial focussing on the provision of travel insurance is a perfect example of making use of blockchain technology and its benefits. The process is based on smart contracts in form of NFTs created by Hiberus and presents an immense gain in efficiency across the insurance landscape.”
The utility of blockchain know-how to journey insurance coverage insurance policies will, for instance, automate the unintended loss and compensation course of. “If a flight is cancelled or delayed, this new smart system will automatically pay the customer the corresponding amount of insurance money according to the insurance policy contracted – without making any kind of process or request form necessary”, revealed Manuel López, CEO at Intermundial. “In this way, we can sell our travel insurance policies in a safe and controlled digital environment and, at the same time, we can improve the customer experience by the automation of compensation management,” he continued.
Besides this blockchain undertaking, Hiberus will proceed to work on incorporating their know-how into different purposes throughout the journey sector, reminiscent of mixed journey contracts, funds between totally different intermediaries, vouchers for all sort of providers, and rather more. “In 2024, we expect to have 40 professionals specialized in blockchain technology to help our customers in this journey”, mentioned Gérez. “Our purpose is to add the Camino blockchain in our platform for tour operators Travel One Inventory,” he concluded.
The exhibition of the undertaking in FITUR
Last Friday, twentieth January 2023, this compelling blockchain undertaking was introduced at FITUR (Feria Internacional de Turismo / International Tourism Fair). Under the heading “Smart insurance policies on Camino blockchain” Jhon Ruiz, Chain4Travel Business Development Manager for Americas; Raúl Gérez, Blockchain Manager at Hiberus and Manuel López, CEO of Intermundial, introduced the undertaking and the way blockchain know-how will increase the effectivity and safety of sure transactions within the journey sector. Jhon Ruiz concluded: “This innovative use of blockchain technology for travel insurance exemplifies how it can revolutionize the relationship between insurance providers and policyholders. Here transparency and trust are fundamental; both are automated and programmed in a shared database and smart contracts, eliminating the need for manual processes, and resulting in faster and fair payouts. It not only improves operational efficiency but also enhances the overall experience for the end consumer.”
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