Insurance firm commences FIZZY, flight delay compensation policy
AXA Insurance has commenced Fizzy, a new solution of retail insurance that automatically compensates customers for flight delays over two hours.
Fizzy is a fresh new genre in insurance that offers direct, automatic compensation to policyholders whose flights are delayed.
When you buy flight delay insurance on the Fizzy platform, AXA records the purchase in a tamperproof network, the Ethereum blockchain, making the insurance contract equally tamperproof. This smart contract is connected to global air traffic databases, so as soon as a delay of more than two hours is observed, compensation is triggered automatically.
In this way, AXA, a global insurance leader, has delegated the compensation decision to an independent network, strengthening the trust that customers can have in AXA.
What Fizzy offers is parametric insurance, because it uses a parameter, in this case, flight statistics to trigger the performance of a contract. The coverage is completely transparent: you know in advance how much you will be reimbursed if your flight is delayed.
Currently in the test phase, Fizzy applies to direct flights between Paris Charles de Gaulle airport and the United States, in either direction. The goal for the upcoming months is to expand the solution internationally; and develop partnerships with airline companies, travel agencies and airports to further improve users’ travel experience.
With Fizzy, there is no need to report the claim! Compensation is automatic and immediate and 100% secure. Using blockchain technology enables AXA to guarantee the integrity of the policies that are recorded in it.
AXA is the first major insurance group to offer insurance using blockchain technology. AXA trades in Nigeria as AXA Mansard.
Interestingly, AXA Mansard is a member of the AXA Group. AXA Group is a worldwide leader in insurance and asset management, with 166,000 employees serving 107 million clients in 64 countries.
In 2016, IFRS revenues amounted to Euro 100.2 billion and IFRS underlying Euro 5.7bn. AXA had Euro 1,429b n in assets under management as of December 31, 2016.
