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INSURANCE | Staff Reporter, Singapore

ERGO Insurance and PolicyPal unveils plan to roll out blockchain travel insurance

Customers can enjoy automated claim payouts without the hassle of filing for a claim.

ERGO Insurance has teamed up with insurance broker PolicyPal Singapore to roll out a blockchain-powered travel insurance product using PolicyPal Network’s distributed ledger technology. 

The partnership aims to create a product that can provide flight delay insurance with automated claim payouts without the hassle of filing for a claim. Smart contracts will automatically trigger a claims pay-out into the bank account of the covered insured member when flights get delayed.

Also read: FWD to offer insurance products on blockchain platform

"We are excited to work with PolicyPal on flight delay insurance which is an innovative, customer-focused solution that offers our customers a more efficient management of flight delay claims under their travel insurance policies," said Karl-Heinz Jung, CEO of ERGO Insurance Pte. Ltd.

Once a travel insurance policy has been purchased from ERGO, a smart contract will be automatically created so that claims payout will be triggered upon the detection of a delay. As all transactions are done through blockchain, the entire claims filing process is transparent and leaves no room for fraudulent activity as any change is directly traceable.

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