Blockchain Technology

Insurechain is a solution that facilitates the automation
of premium calculations, the management of appraisals
and the settlement of certain types of claims,
ensuring end-user transparency.



Over the years, complexity and costs related to the management of insurance processes have undermined the profitability of companies and inhibited the distribution of innovative insurance products.

The world of insurance is governed by countless processes, requiring enormous investments in terms of financial and human resources.

Above all, this complexity hinders the development and dissemination of so-called micro policies, in other words those insurance products with low premiums and limited durations.

All companies are therefore searching for solutions to increase the efficiency of their actuarial, verification and claim settlement processes, so as to ensure the reduction of associated costs and guarantee the best possible end-user experience.

Blockchain as a Solution

  • All that is required is a web portal or a smartphone to underwrite, activate and verify the status of a policy.
  • The insurance contract is generated in the form of a smart contract and published on the blockchain, rendering the policy rules transparent.
  • The smart contract independently verifies the contract conditions by drawing upon multiple verified sources of data.
  • In the event that claims are ascertained, the software contract automatically settles or authorises the corresponding claim payments.

Focus On

The Insurechain technology solution consists of a web application with a software component (smart contract) that is published and executed on the Ethereum blockchain.

The smart insurance contract includes the rules associated with setting the premium and the settlement verification. Both functionalities are coded in the Solidity language. The verification of reimbursement conditions is based on the services of an “oracle”, whose task is to certify the corresponding weather data, ensuring authenticity and lack of tampering. Finally, the smart contract displays the status and progress of the policy on the blockchain, without disclosing any sensitive customer data.

The current scenario - Critical aspects

The insurance industry is extremely complex and all applicable regulatory processes necessitate the extensive involvement of economic and human resources:

  • Actuarial processes require the analysis of a significant amount of data, often fragmented across different databases and difficult to reconcile.
  • Claims are assessed and settled using largely manual processes, lacking common standards within the insurance system.
  • All procedures and contracts associated with insurance policies are often characterised by very little transparency for end customers, favouring an increase in disputes.

The use cases developed

A platform was developed which, by integrating with the Ethereum blockchain, facilitates the setting and enforcement of smart contracts for travel insurance.
Through front-end web development users can:

  1. Select the destination and dates of travel.
  2. Define the policy conditions (e.g. a refund if it rains on at least three days during the trip).
  3. Pay the premium.

By integrating with the Ethereum blockchain the platform:

  • Generates the smart contract with the corresponding policy rules, which is published on the blockchain. The user is able to verify the existence and accuracy of the rules, which cannot be modified.
  • At the end of the trip the smart contract is activated, accessing the meteorological data available on weather websites through a verified “oracle” and checking whether the reimbursement conditions have been met.

The solution architecture

The application architecture is implemented using the following components:

  • A modern HTML 5 and JavaScript web front-end, based on the AngularJS technology.
  • A REST API business logic layer designed using the Express.js framework and running on a Node.js server that interfaces with the Ethereum blockchain via the JSON-RPC protocol.
  • A persistence layer consisting of the MongoDB NoSQL database.
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