This week, AXA ceased operations of its blockchain experiment
fizzy, a parametric insurance solution for delayed flights. Launched in 2017, the project hoped to automate the claims process with smart contracts on public Ethereum.
With blockchain, fizzy brought automation, transparency, and trust to the consumer. The idea was that a customer could purchase insurance and forget about it, with the first notice of loss (
FNOL) automatically sent to the insurer once their flight was delayed by two hours or more. The compensation amount was pre-determined and sent straight to the customer’s bank account without the need to make a claim.
An early player in blockchain insurance, AXA claimed to be the first large firm in the sector using public Ethereum. However, first movers don’t necessarily succeed.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
