A platform that promises to democratize the market for insurances, protection and assistance using blockchain technology. This is the proposal of Insurtech 88 (88I), a startup founded in 2018 by Rodrigo Ventura. The company’s chairman has 21 years of experience in the insurance market and work experience in Itaú, HSBC, Sistran, Bradesco, Zurich, Cardif, Porto Seguro and KPMG.
Ventura decided to create the 88I after validating his thesis in the Startup Weekend Blockchain Techstars, sponsored by Google and TechStars, in 2017. “I decided to test the idea of an insurtech with blockchain for insurances, from where I left as a winner”, says the executive.
Ventura has Alex de Melo Silva as his partner. According to him, the inspiration for the company foundation was the foreign platforms. “We were inspired by Progressive with IoT telematics, in Lemonade with robotics and artificial intelligence, in InsurePal, PolicyPal and Aigang with blockchain”, explains Rodrigo.
The Insurtech 88 currently offers cellular insurances, besides personal accidents insurance and auto assistance. And the whole management of the insurance policies is made via blockchain technology. That is to say, the products are self regulated, without arbitration and conflicts of interest. Thus, according to Rodrigo, the platform reduces the difficulties in the acquisition and life cycle management of the insurance policy. In addition, the insurance payment can be done with cryptocurrencies.
88 Insurtech promises social impact on global scale
According to the chairman, the platform also promises a social impact on a global scale. For instance, if a hired insurance is not claimed, a portion of the payment is forwarded to micro insurances. These, in turn, are geared toward those who can’t hire great insurance policies.
The company is developing new products. For example, a travel delay insurance. Through the use of a smart contract on blockchain RSK and NEM, the system can access a database of Infraero and identify whether a flight is delayed. Consequently, if the delay is identified, the system will raise an event of a claim. In this case, the client may receive a code for a dinner at a restaurant or to rest in a hotel.
Rodrigo was at the Brazilian Fintechs delegation which travelled to Switzerland from June 19 to 21 to meet the local crypto environment. For him, the Switzerland is positioning itself as a crypto nation and many businesses should be raised in the country. “They have a regulatory framework very crypto-friendly and the companies want to learn more about how to settle there,” he said.