Top 6 blockchain projects in the Insurance Sector

Top 6 blockchain projects in the Insurance Sector

bitcoin Blockchain Cryptocurrency Insurance Uncategorized
October 7, 2019 by Hitesh Malviya
There is hardly any industry that has not paid attention to the blockchain technology. From gaming to platforms to cloud storage, the blockchain technology has ventured every industry. And recently it has drawn the attention of the financial services industry as well. In spite of having no impressive app or any flairs like that, the

There is hardly any industry that has not paid attention to the blockchain technology. From gaming to platforms to cloud storage, the blockchain technology has ventured every industry. And recently it has drawn the attention of the financial services industry as well. In spite of having no impressive app or any flairs like that, the blockchain has a strong case to be laid down as the rudiment technology for the insurance industry. Its potential for complete accountability and security can resolve a number of problems faced by the financial and insurance sector today.

Recently, quite a few blockchain projects have started to offer a new dimension to the insurance industry.


This blockchain-based insurance platform aims at using the concept of smart contracts to enable the automation of end-to-end payment with improved efficacy. In simplest words, Etherisc is building a platform for decentralised insurance.

The project’s aim is to include each individual irrespective of their financial strength to contribute in the improvement of the insurance industry. The platform intends to employ the blockchain technology to transform the current insurance market into a P2P risk platform.

What will Etherisc bring with it?

  1. Efficiency and Automation: one of the ways in which blockchain can be used to
    transform the insurance industry is by employing smart contracts which enable end-t-end payment automation as well as semi-automated processing of claims.
  2. Access for insurance customers and investors
  3. Transparency: All transactions carried out on the Etherisc platform are publicly available and can be freely analysed by third parties. The platform will also provide a user-friendly and all-inclusive front-end showcasing the key performance indicators of the whole system.

The team is building a free, open-source, open-access platform, as stated in their whitepaper, for decentralised insurance.

The lower costs associated with the platform provides the markets which are still in their developing phase an access to insurance solutions of which, they might not be aware of otherwise. Currently, Etherisc offers a functional flight delay insurance model along with a social insurance model aimed at providing efficient protection against rare destructive events. Moreover, it plans to offer crop insurance that will pay out in cases of drought and/or flood managed by smart contracts.

The Bottom Line

The Etherisc platform brings an entirely innovative approach to the insurance system and the transparency feature plays well in its favour. The platform will operate on RSC tokens which will be made available to the public in a crowdsale which hasn’t been announced yet.

The company’s main aim is to utilise its funds in:

  1. Funding the development of the Decentralised Insurance Protocol and the community.
  2. Ground-laying commercial insurance companies, providing capitalization for these companies—preferably from the insurance business.

Since the industrial landscape is changing fast with the blockchain development, it would be certainly worth watching the impact an approach like Ehterisc will have on the insurance sector.


By introducing P2P insurance and crypto-currency, BITPARK aims to provide an insurance service that is not only transparent but also user-directed.

The team intends to provide services such as smart contract technology to ensure:

  1. Fulfilment of contractual obligations
  2. An approval and compensation system managed between users
  3. Separation of billing management costs
  4. A user-based evaluation system etc.

By providing services like contract fulfilment and user-maintained screening and billing process, the team aims at building an insurance platform that will assure high customer satisfaction with minimal costs.

BITPARK employs the use of MUJIN, a community wallet that can be used to unify the management and communication of the finances. Any community within the BITPARK ecosystem will function with a group wallet providing for uninterrupted communication and exchange of money.

The project will make use of two different types of cryptocurrencies. One will be used for pooling the money together and the other will be used for payment and compensation.

The former currency will be interlocked with the prices of the local currencies to make sure that fluctuations in the rate of exchange have minimal impact. The latter currency will the company’s own token, BITPARK Coin, BPC.

The platform will also provide an insurance and lending service to users based on the evaluation and rating the users receive with respect to their history within the community.

Features of BITPARK

  1. Integration: the wallets and the communicative functions are well-integrated.
  2. P2P lending: providing a rating to a group or individual can enable one to receive discounts on the insurance fee.
  3. Collective Management: all participants will be able to view the transaction history and the available balance at all times.
  4. Asset Management: the company will provide functions to store and manage the token gathered by MUJIN or insurance in local currencies.
  5. Small payoff and short-term insurance: the company is adapted to short-term insurances with smaller payoffs to build a platform that can be used for casual transactions as well.

The Bottom Line

It is the integration, collective management, and the P2P lending which can work in favour or BITPARK. The use of two different currencies sounds like something that can enable segmentation but may get a little too hectic if the platform was to increase the speed and popularity expected from it. However, the link of the initial currency to the local market is an aspect that works in favour of investors. The constant, unhindered communication will also enable this platform to become a more communicative and transparent blockchain operating in the insurance sector.


InsueX is a blockchain-based insurance platform being developed to address the issues pertaining to the trading and management of insurance products. InsueX

Is going to take advantage of the blockchain technology especially its feature of decentralisation to create an insurance marketplace where third parties and intermediaries are eliminated.

The platform aims at offering a disruptive environment where participants will be able to transact business efficiently, securely, and consistently. As mentioned in their whitepaper, InsueX will employ blockchain technology to streamline the process between buyers and sellers of insurance products. 

The company’s business model is to charge a commission for the transactions that will be processed on its marketplace and provide an annual subscription to its users for membership.

The marketplace has primarily been built for institutions of the like of insurers, brokers, and reinsurers—all working in unison in an affordable and transparent marketplace.

Features of InsureX

  1. Listing and marketing insurance products: the platform allows for listing and marketing the products to a public audience or just to a selected group of buyers.
  2. Transaction Execution: each transaction is added to the distributed ledger once all the parties have agreed upon it. All participants can access the same information in real-time.
  3. Portfolio management: the marketplace allows the user to get an overview of the transactions they have executed in a hierarchical portfolio. This portfolio also makes available information such as risk, premium, claims, etc.
  4. Market insights: the InsureX platform provides a comprehensive overview of market activity with accumulated statistics.

The InsueX Token

The IXT token will be used to power the InsureX platform and will be the currency used to reward or get rewarded for participation in the marketplace. The marketplace has associated a specific amount of IXT with each activity and as the activities progress, the IXT is transferred from one participant to another.

The IXT token can be purchased from the InsueX platform or from most of the token exchange platforms.

The Bottom Line

It is the technology of this project that makes it worth your while. The InsureX platform is working on a highly scalable architecture that has been combined with technological advancements in blockchain, server side approaches, and UX.

The platform leverages the Ethereum blockchain and its smart contracts to provide an extensive development environment within a large community.

As for the token distribution, the InsureX team holds 70% of the token while the other thirty percent is equally distributed among business development, compliance and legal, and reserve.


Descrow is short of Decentralised Escrow Service and provides the world’s first decentralised escrow platform for conducting ICOs.

The project works with the aim of making ICO safer for all participants, eliminating the excessive distrust of the potential investors, and boosting ICO market growth further. 

What problem does Descrow solve?

After the crowdsale for a start-up has been concluded and the investors begin to interact with the ICO teams, there are chances of scam teams and hackers invading in the wallets and making use of the money raised via the crowdsale. Consequently, most ICOs fail to become successful after the crowdsales. 

With a decentralised escrow, Descrow aims to solve exactly that. 

How does it work?

Descrow is aimed at providing a decentralised solution for the transparent and fair use of funds once the crowdsale for a blockchain start-up is over. 

As explained in their whitepaper, once the crowdsale for a start-up has been closed, the start-up can use the Descrow functionality for their campaign and start implementing their roadmap with the finances that they receive from Descrow.

5 key elements are essential for the successful working of Descrow:

  1. Raodmap: Every project that is listed on the Descrow is required to provide a very clear objective and step-by-step plan with stages to be fulfilled.
  2. Safe holding: Investments raised through the Descrow platform are stored in the personal, individual accounts of the investors instead of in a common wallet.
  3. Payment: The payment is carefully organised in instalments releasing only the amount which is required to fulfil a particular stage. The start-up team is required to provide a report of whatever they worked on before the net payment is released.
  4. Smart Contract: The access to next investments comes only when the start-up delivers a report on the successful completion of the previous stage. After analysing the report, the investors are given a choice to vote either in favour of or against the investment.
  5. Insurance Fund: The investors are protected against their payments via a Descrow team. The investors have the opportunity to receive up to 100% of their initial investment back.

The Descrow Token

The platform works on the DES utility token used as both the means of payment and the unit of account. This enables the team to develop the crowdfunding community.

To successfully use the DES token, 4 elements are required:

  1. Marked funds: the money selected for investment into ICO projects.
  2. Reserved tokens: linked to the exact stages of the project.
  3. Active tokens: money that the start-up needs. They are released step-by-step from the reserved tokens.
  4. Project shares: are used for voting for or against an investment.

The Bottom Line

Dec row has a rather innovative concept to offer to the blockchain ecosystem. It is the world’s very first project that aims at monitoring the growth and success of ICO start-ups protecting both the investors and the start-up teams.

With the Descrow platform, investors can hedge their risks and start-ups can receive more money to implement their plans. The successful implementation of Descrow can sanitise the ICO market—getting rid of the scam projects.

Also, the token distribution of the project is worth taking a look at. 75% of the tokens were made available for investors at the pre-sale and ICO, 15% is held by the team, 7% are given to advisors, and 3% to bounty-campaigns.


The AiGang network has their attention dedicated on providing insurance for the IoT ecosystem by employing smart contracts and DAO. By using its token, the AiGang team will automate the insurance industry through the platform of Internet of Things.

The team has been working on developing an autonomous insurance system which makes use of the data collected by connected IoT devices to calculate insurance.

How does it work?

The platform will combine the data from a crowd of subject experts to make predictions regarding the insurance risks and build insurance pools on that. These predictions will then be used to develop algorithms that can price out the premiums and predict profits.

AiGang will employ smart contracts to enable smart devices to connect to the insurance policies and allow everyone to be an active participant. This will also eliminate any third parties from the picture thus decentralising the process. 

The insurers will have the opportunity to create tokens by predicting the probability of events. The price that will be calculated using this will be used by the insurers to evaluate a particular insurance product accurately. 

The AiGang Token

Each member of the network receives an AIX for taking either a bull or a bear stand on a particular product. The network stores the reputation of each member using the proof-of-stake algorithm on its blockchain.

This way all members will earn ranks on the platform and assign an associative value to their predictions.

Key Features of AiGang

The rising popularity of the AiGang blockchain protocol can be attributed to the following features:

  • Digital Insurance for IoT: The AiGang protocol is changing the game by providing not only a digital but a decentralised insurance for all types of smart devices.
  • Smart Policy: The network is being operated on a smart policy which is capable of automatically implementing imperative operations including handling of insurance claims, issuing new policies, etc.
  • Invest and Benefit: AiGang employs a P2P network where members get a chance to invest while being insured simultaneously.
  • Risk Premium: AiGang permits the product insurance to be bundled with the Internet of Things devices and employs smart contract algorithms to authenticate the acceptance.
  • Customized Insurance: AiGang does not have any long-term contracts which means that the user gets to decide the terms, price, and the duration of the insurance of their IoT device(s)
  • Instant Pay-outs: AiGang is quick to initiate its pay-outs which a user can use for his purposes whatsoever.

The Bottom Line

The AiGang concept can change the scenario where people do not trust their insurers. The team automates the process of insurance claims thereby providing a solution for the problem. This automation will become useful especially in cases of earthquakes and similar major calamities the blockchain will be able to execute the claims thereby reducing settlement time.

Since the platform uses smart devices and does not require human verification, the future of the team looks promising. The AiGang blockchain protocol appears to be a favourable concept especially with their aim of attracting experts on the basis of Prediction Markets and growing their network.


InsurePal is yet another innovative concept in the blockchain-based insurance dimension. 

InsurePal is the world’s first decentralised, social-proof insurance. It is a peer to peer insurance based on social proof endorsements. The mechanism of social proof is employed over different types of insurance. The company provides insurance of blockchain business transactions, vehicles, property, life, and health with endorsements from a user’s trusted social network. 

Introducing social proof as a self-regulating psychological phenomenon allows InsurePal to develop a scheme with lower-risks. The InsurePal model is aimed at improving the segmentation and risk selection process.

How does it work?

The fundamental mechanism behind the platform enables InsurePal clients to endorse each other and obtain a discount on their insurance premium. This endorsement must be supported by a financial guarantee from the endorser. 

The platform will allow the social proof of a user to be locked into the blockchain thereby providing for higher transparency. The platform will also ensure that the insured client receives a final compensation if the other party was to breach the mutual agreement.

InsurePal model is a classic combination of traditional insurance and P2P endorsements on blockchain backed with social proof. InsurePal has introduced social proof as a third party deductible where the insurer who financially guarantees an individual has to employ its own common sense in knowing that the guarantee is against their money. That is to say, every endorsement backed by financial guarantee gains immediate value and credibility in the InsurePal system.

The IPL Token

The InsurePal database will work on the IPL token which will be used by clients and InsurePal third-party business partners all over the globe. Each insurance premium conducted on the InsurePal platform will use the IPL token. The platform will employ different means to incentivise participants to use the token and the token will be listed on multiple exchanges to simplify the trading process. 

The blockchain business transactions can be insured using only the IPL token. The client will purchase the premium in IPL tokens and will endorse each of his/her insurers in IPL tokens. For every new social proof guarantee, the endorser will receive a reward either in IPL tokens or in the local currency.

The guarantee can also be made through a credit card or a smart contract. This guarantee, however, will require relevant information on the client. The more endorsers a person has, the more value will be associated to his/her proofs.

The Bottom Line

InsurePal is offering a rather innovative way of insuring assets employing all the major technologies present in the world right now. The main target audience of the InsurePal platform are millennials and tech-savvy people. 

For the end-users, InsurePal provides a customer-centric experience by allowing them to easily navigate through the process while obtaining the most favourable insurance premium through their smart devices. The platform will employ  dAPP to make possible the functionalities such as identity creation, social proof identification, insurance policy administration, finding social endorsers, token wallet creation, making payments, giving social endorsements etc. 

In addition to a well thought-of B2C, InsurePal also has a B2B edge to it. InsurePal is all set to act as a global provider, for the lack of a better term, of different insurance modules based on social proof mechanics. Following this, all interested third-parties will have the opportunity to utilise the platform as stand-alone providers at the country level.

Good Read – Top 4 Blockchain Projects that are revolutionising travel

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