Viennese insurer relies on blockchain for transport insurance

Wiener Städtische Versicherung will in future rely on a blockchain platform for issuing certificates for transport insurance.

Wiener Städtische Insurance, part of Vienna Insurance Group, will issue certificates for marine insurance digitally on a blockchain platform in the future, the Crypto Code company said in a press release on 25 February.

Insurance certificates on the blockchain

Customers will be able to create the documents needed for transport insurance themselves in the future, the company explains. Insurance certificates for upcoming transports will be digitally generated on the company’s own blockchain platform. Wiener Städtische summarises the advantages of the system as follows:

„This saves them [customers] valuable time, because the insurance certificates can be generated immediately before they are used, without having to worry about it days or weeks in advance.“

Every customer has his or her own user profile, which – depending on the existing contract – is subject to certain parameters. According to Wiener Städtische, these parameters determine for which transports certificates can be created independently by the policyholder. To obtain a certificate, the customer enters the key data of the transport, such as the route, the means of transport or the value of the goods, on the platform.

The digitally retrievable details of the insurance contracts can be easily downloaded and printed out by customers.

The blockchain system used was developed on behalf of the Swiss start-up Versicherix. The system is currently in the test phase, and from April the first Wiener Städtische customers will be able to generate their certificates independently via the platform. A comprehensive introduction for all customers is planned for later this year.

Insurance on the Blockchain

How blockchain technology can still be used in the insurance sector is shown by an initiative of the crypto project Chainlink, in the context of which a blockchain-based insurance platform is to provide low-cost insurance for almost 250,000 small farmers in Kenya.