Seguro offers a blockchain-based parametric insurance platform that automatically compensates users for specific events, such as flight cancellations, without the need for claims processing. By utilizing a transparent claim pool model, the company ensures that remaining funds are returned to policyholders, enhancing fairness and accountability in the insurance process.
Funding
$150K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Traditional insurance processes often involve lengthy claims procedures and lack transparency, leading to customer dissatisfaction and distrust. Policyholders may face delays in receiving compensation for covered events, and the opaque nature of insurance operations can create uncertainty about payouts and fund allocation.
Solution
Seguro offers a parametric insurance platform leveraging blockchain technology to provide automated compensation for specific events, such as flight delays or cancellations. By using predefined parameters and smart contracts, the platform eliminates the need for manual claims processing, ensuring swift and transparent payouts. Funds from insurance purchases form a claim pool, and after deducting administration and sales fees, any remaining funds are distributed back to policyholders who did not experience an insured event, promoting fairness and accountability. The platform's use of blockchain enables users to track and verify each stage of the insurance lifecycle, from purchase to compensation, enhancing trust and transparency.
Target Audience
The primary target audience includes individual travelers seeking protection against flight disruptions and other specific event-based risks, as well as users interested in transparent and automated insurance solutions.
Features
- Parametric insurance contracts triggered by verifiable real-world events, such as flight delays or cancellations
- Automated payouts via smart contracts, eliminating the need for manual claims processing
- Transparent claim pool model where unused funds are returned to policyholders
- Blockchain-based tracking and verification of insurance lifecycle events
- Native token (SeguroCoin) for seamless transactions, including insurance purchases, sales, and claim payments
- Loyalty program offering discounts and benefits for token holders
- Mobile app for community engagement and access to insurance services