Portuguese Blockchain Alliance and Fidelidade promoted a challenge for companies, startups, and universities to award the best proposal for applying Blockchain's technology to the insurance industry. Blockchain's challenge, promoted by Fidelidade, was to seek a solution that would allow it to easily create insurance for a single event or to create a parametric insurance model, taking advantage of the ability to monitor risks online based on parameters and in the recognition in Blockchain of events triggered.
The solution presented by Multicert, which won the Fidelidade Challenge, was based on Blockchain's support of compulsory insurance for sports events, in this case a race, generating more information and allowing new approaches in the context of policy and claims management. This solution was designed in order to automate and simplify the network operation necessary for this type of insurance to operate in a new context, taking advantage of the potential of Blockchain technology.
The winning solution is based on the concept of smart contracts, with a predefined set of parameters and validations that enable the elimination of human actors in the analysis and decision phases, as well as the inclusion of additional functionalities and services.
Jorge Alcobia, CEO da Multicert, points out that Multicert has always sought to have an innovative position in the digital security area, and that the purpose of the company is undoubtedly to contribute to an innovative and secure digital society. "The focus on solutions that use Blockchain technology and which are associated with a clear component of security and transparency is, for us, a natural evolution and is well evident in the DNA of Multicert."
Multicert will be present at the Blockchain Conference, where it will present its solution on 12th of November 2018 at the Teatro Tivoli BBVA.