Etherisc, an Insurtech startup based in the Munich area, has won the Blockchain Oscar for Most Innovative Blockchain Startup. The competition was produced by The Cointelegraph as part of Blockshow Europe 2017, and was conducted over several weeks. Six promising startups were shortlisted. In the final ceremony on 6 April 2017 in Munich Etherisc presented the project to a jury and received a prize of €5,000.
"We feel proud and humbled to win the Blockchain Oscar for most innovative blockchain startup," said Etherisc co-founder Stephan Karpischek. Co-founder Christoph Mussenbrock adds, "It is a great honor and an amazing boost for our endeavor to create an open protocol for decentralized insurance applications."
A focus on decentralized insurance applications
Etherisc aims to make the purchase and sale of insurance more efficient, enable lower operational costs, provide greater transparency to the insurance industry, and democratize access to reinsurance investments. The company co-founders have deep backgrounds in mathematics, research, the banking and finance sectors, and enterprise IT.
"Etherisc is a company that promises to disrupt and transform a large part of the global insurance industry for millions of travelers," according to Mussenbrock. "It can offer a variety of new products and services to customers, while leveraging blockchain technology to achieve new levels of transparency and kick off a new era of policy securitization."
Leveraging blockchain's revolutionary power
"BlockShow Europe is a major international event for showcasing established blockchain solutions," according to its organizers. "Blockchain can provide every company with transparency and disintermediation, help with process integrity, and just simplify things."
Etherisc focused on writing individual policies for flight delays with its winning submission. The Flight Delay Dapp (fdd.etherisc.com) is described as "a parametric insurance application for consumers" and is built on the Ethereum blockchain.
In an alpha test, it provided flight delay insurance to attendees of an Ethereum developer conference.
Etherisc's decentralized insurance market will use cryptographic tokens to create what its co-founders call "highly customized economics. Our goal is to tokenize reinsurance risks and make them available on a global open access marketplace," they said.