Most Affordable. Fast. Simple. Transparent. Accessible.
Protect yourself the smart way.
Traditional earthquake insurance policies offer financial indemnity for earthquake-related damages to an underlying asset such as a house. Yet, it involves lengthy claims handling processes and questions from the insurance company, which often lead to delays in pay-outs – often taking several months or years. However, especially with the advent of smart contracts, our parametric earthquake protection has emerged as a more efficient option. Our smart contracts are self-executing agreements on the blockchain. By integrating parametric triggers, such as seismic data from monitoring stations, into smart contracts, these can automatically trigger pay-outs in real time. We will never ask you any questions. And this is a promise.
- ”Direct to consumer and businesses”: Guess how much of your earthquake insurance premium is left over, once it has transitioned from your insurance broker via the direct insurer to the reinsurer. We, on the other hand, reach out directly to you via the blockchain and, thereby, bypass all middlemen and reduce distribution expenses to zero.
- “Ridiculously low administration expenses”: Everything is written on the blockchain's smart contracts and fully automated, requiring little to no human intervention. We, therefore, employ only a small team of scientists, actuaries, and techies and pass the cost advantage on to you.
- “Protection at the tip of your fingers”: Buying earthquake protection has never been simpler and faster, since it will take you no more than a few minutes.
- “Instantaneous payment”: On the blockchain your payment is triggered within seconds by the occurrence of an event exceeding the parametric seismic intensity threshold. You can not get this anywhere else because we are the only one to use the blockchain. There’s no need for you to wait months for your payout to be processed by a claims adjuster as we do not employ any.
- “No strings attached”: No lengthy T&C’s full of exclusions. Pay-outs are pre-agreed, triggering parameters fully transparent and our solvency ratios are updated every day on the blockchain.
- “Know your pay-out”: With us, you define the pay-out to use however you see fit. Traditional earthquake insurance reimburses the actual loss up to a maximum insured sum. With our parametric earthquake protection your pay-outs are pre-agreed and independent from your suffered losse.
- “We protect the world - literally”: Traditional earthquake insurance covers just about 10 % to 20 % of the globe. We, however, offer full geographical coverage because we do not rely on insurance brokers being active in a particular region. You just need access to the internet.
- “Micro Insurance”: Due to our low frictional costs and global reach we can also offer protection to the most vulnerable and disadvantaged regions. So, if you are an NGO or government, this may also be for you.
Specifically, when ground motion in your city reaches a defined threshold, you are eligible to receive payment.
Ground motion is modelled using a set of parameters. Some, such as magnitude, distance, and depth, are sourced by the USGS Data. U.S. Geological Survey is the leading authority on seismic reporting. Others, such as fault type and soil conditions, are determined by us and disclosed in full transparency.
So, ground motion is objective, reliable, available, and correlated with your economic loss. This allows us to make the payment process as fast, simple, and fair as possible.