AXA insurance, a French company, launched a new product called Fizzy. This new flight delay insurance product will automatically reimburse the subscribers if your flight is 2 hours late.
The smart contract is connected to the global air traffic database and automatically checks if the policyholder's flight is late, if the contract is validated it pays the policyholder. This is a very basic use of a smart contract and the insurance sector, in need of transparency should embrace the technology to achieve savings as well as automation in reimbursing its customers. For now, AXA will only reimburse in fiats, but in the future, there should be a possibility to be reimbursed in ether.
These kind of technological choices by an insurance company will for sure reinforce the trust of its customers.
What other kind of daily life use do you see for the blockchain?
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