The mission of Etherisc is to build an open protocol for decentralized insurance applications, making it more efficient, enabling lower operational costs, providing greater transparency into the industry compared to traditional operations, and democratize access to reinsurance investments. Three demos have already been developed for three different insurance fields: Flight Delay DAPP, Social Insurance and Crop Insurance. And, especially interesting for the crypto space, Etherisc is also working on a multi-signature crypto wallet that can be insured.
Etherisc’s journey began when two founders Christoph and Stephan met in July 2016 discussing insurance on the blockchain. From there was born in just a few months our first version of a blockchain insurance application – the Flight Delay Dapp in September 2016.
We also applied the same model of parametric insurance to crop insurance based on weather data. We learned parametric insurance works well here because it originates a pre-established payout based on a triggering event, rather than waiting to evaluate and compensate for a specific loss. Our approach proved that smart contracts can reduce operational costs to a level that enables new markets, potentially bringing the benefits of insurance to millions of farmers in developing countries.
In November the same year, we joined hack.ether.camp, a virtual hackathon, to develop a decentralized market for insurance and reinsurance. We developed a method of using tokens to transfer and trade risks easily, bringing the concept of insurance-linked securities to the blockchain. This is the kind of tokenization of risks we expect companies to create on the platform. We finished the hackathon as the most-funded project, receiving more than 500,000 Hackergold and about 3,000 Ether from early supporters. You can read more about that in our 2016 whitepaper.
At the same time, Etherisc was also awarded as winner in the Blockchain startup contest, sharing the main prize with Status.
In January 2017, we demonstrated a prototype for social insurance on the blockchain as our submission for the Blockchain Virtual GovHack in UAE.
In April 2017, Etherisc won the Blockchain Oscar for “Most Innovative Blockchain Startup”. We also started working with EY to explore the regulatory and legal aspects of setting up and operating an insurance company on blockchain.
In June 2017, Etherisc joined the Enterprise Ethereum Alliance and started the Insurance Working Group there, which Stephan and Christoph chair.
In September 2017, Etherisc won a jury award at ICO Summit in Zürich, Switzerland in the pre-ICO start-up category.
In the final quarter of 2017, we sold more than a hundred flight-delay policies to travelers to the Devcon3 meeting in Cancun, the Blockchain Summit in Zug and the Token Summit in San Francisco.
In December 2017 we founded the Decentralized Insurance Foundation in Zug, Switzerland.
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Blockchain Enthusiast Rated on Jun 7, 2018 Modified on Jun 7, 2018
5
3
4
15%
Insurance (like a banking industry) is highly regulated. We see how Ripple and others are trying to penetrate it. So I doubt it is going to be easy to make business here in the near future. I like the team and advisors. And I respect this challenge as well. As to the Whitepaper i see too technical approach there but regulation/marketing data is what i lack in the WP and this bothers me most in this case.
CEO and Founder Perhalic, ICO and IEO Advisor, Investor, PR and Marketing Expert Rated on Jun 8, 2018
5
4
4
14%
The team and advisory board is very experienced. Working on insurance is big and bigger ... I basically like the vision ... It's a challenging industry too ....... Also they have MVP. Best of luck team looking forward to see success
Investment Manager, Pre-ICO Venture Capital Investor, ICO Advisor Rated on Jun 13, 2018
5
5
4
10%
I guess decentralized Insurance is the future.
From your Whitepaper I can see that you accounted for all kinds of situations and included a Reinsurance Pool for Black Swan Events.
Product is not 5 Points because of licensing. For DACH it might be difficult to have your own license, but you could have come up with a Insurance Partner already for a quick start.
Managing Director of tokenization.limited and icoinvestmentfund.com Rated on Jun 22, 2018 Modified on Jun 22, 2018
5
5
5
7%
Decentralised insurance will be a big market and Etherisc is with its open protocol on the forefront. The Team includes experts from the Insurance and and as well Developer community. They have as well a good established global network to kickstart there business.
Etherisc offers a “decentralized Insurance Protocol for collaborative development of new insurance products”. They want to democratize the insurance market, making insurance fairer. On their platform middle men will almost entirely be cut out, as you only need market demand and good access to the insurance market.
The team has a good background in multiple areas, such as IT, consulting, business development and much more. Additionally, their advisory board has some heavyweights, with Ron Bernstein, CEO of paradex.io and Augur advisor, William Mougayar, founder and producer of Token Summit, Daneil Zakrisson, Co-founder of Cofound.it and many more.
Etherisc already had their first prototype working in 2016, which was a flight delay insurance and in 2017 it was live again for DevCon3. They will have lots of products, which are all in different stages of development. One can think of social insurance, crop insurance and cold storage insurance of crypto assets.
According to their whitepaper it is necessary for an insurance company to comply with Solvency II. This requires a minimal capital of roughly $10M, operational funds are needed as well which makes the total sum within the range of $12.5M - $15M. I am curious what "level estimate" they will run with, depending on the amount they will raise in the ICO and how this will ultimately impact the project. I understand why they set the softcap at $20M and harcap at $50M, but it is a lot of money and it remains uncertain whether they will be able to raise this much.
Lastly, as it has been told by other advisors before already - I am curious how regulations will impact Etherisc, as they are bringing a new approach to highly regulated market.
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