AXA launches on Blockchain with fizzy

AXA is the first major insurance group to offer an offer using blockchain technology. Discover fizzy, a 100% automated, 100% secure parametric insurance platform to cover aircraft delays.

fizzy is an insurance product of a new kind. It proposes to its subscribers that they be compensated directly and automatically in the event of a delay in their flight. If your plane is more than two hours late, fizzy will refund you instantly

• How it works ?
  When you purchase a flight delay insurance on the fizzy platform, we register the transaction in the Ethernet blockchain, an inviolable computer network, which makes the contract itself also inviolable. This smart contract is connected to the global air traffic databases, and if a delay of more than two hours is detected, the compensation is automatically triggered. AXA therefore delegates the indemnity decision to an independent network, thus reinforcing the confidence that the customer may have in AXA.

fizzy, so it is parametric insurance, because one relies on a "parameter", here the aerial statistics, to trigger the execution of the contract.
This is a totally transparent cover: you know in advance how much money will be refunded if your flight is delayed.
With fizzy, no more claims: the refund is automatic and instant.
fizzy is fully secured. The use of blockchain technology allows us to guarantee the inviolability of the contracts recorded there.