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88i Digital insurer
Inspiration
Insurance is manual, bureaucratic and time consuming (still full of paper) The customer experience is bad in all value chain, since acquiring an insurance with a poor qualified intermediary until filling a claim, pass thru the human adjustment process and finally a number of days later, receive the coverage payment.
Insurance should not be seeing as a "Necessary Evel" but rather a "Social Good" again.
88i make that happen meanwhile being more inclusive and offering nano-insurance protection for those who never had any kind of protection at all.
What it does
88i Offers Embedded Insurance correlated with super app experiences (mobility, delivery, fintech and e-commerce).
Our customers love: 1. Their way of living (well being: life, health, wellness and all the things they made an effort to but or construct until today) 88i Offers the 1st time access (inclusiveness) to micro-insurance protection
Our customers care about: 2. Their future and the future of their loved ones (Longevity: How to keep and maintain the status, how to preserve and prosper) 88i offers resilience
How we built it
To give protection access (insurance) to whom never had the opportunity to have any kind of protection it must be via digital channels (apps who are competing to become a super-app by aggregating all kinds of services including protection) where insurance worldwide is almost inexistent. So 1st we have to connect the ecosystems of mobility, delivery, fintech and ecommerce.
Once connected into app platforms we ingest massive amounts of data, therefore 88i has an Ultra High Definition of risk. This means we can break insurance into space and time into fractions of different periods for just-in-time intermittent insurance policies instead of only annual contracts (more inclusive and convenient when the client really needs)
Dynamic pricing will give us the speed to make the right offer at the right moment at the right price. (like Uber)
Once we have sources of data in common, transparent, free of conflict of interest and in real time, we can change the adjustment processes to make it programmable and therefore instant settle a claim in real time completely changing the customer experience with insurance
We must be available for the customers of the current and future generations at the internet. This means web 2 and web 3. Protecting also their ID, wallets and digital assets. Merging today's insurance physical and digital in any kind of form.
Challenges we ran into
Perform algorithmic and dynamic insurance pricing underwriting
Change the customer experience via parametric insurances and instant claim settlement
Accomplishments that we're proud of
- Winner Startup Weekend Blackchain TecStars (Ethereum) - Brazil
- Incubated at B3i Blockchain Insurance industry Initiative (Hyperledger and R3 Corda) - Switzerland
- Winner Social Innovation - Fundación Mapfre - Spain
- 5th winner @ Finnovista Challenge powred by Algorand - Mexico
- Insurance winner @ Hedera Hashgraph - SDAI - Switzerland
- Board member @ SUSEP (Insurance regulator in Brazil) Open Insurance, Open Finance
- UNGM - Official insurance blockchain provider @ United Nation Global Marketplace
- Insurtech and Formal Insurance Carrier licensed since 2021
What we learned
Only driven by mission purpose and inspired by God we are able to surpass any obstacle to deliver protection and make a social impact.
What's next for 88i BlockchAIn Insurance for Good
Became a worldwide player at defi insurance Protect over 1 Billion People (Web 2 and 3) Worldwide Massive Digital distribution via Super Apps Algorithmic Subscription (Gen AI) just-in-time nano-insurance Parametric Smart Insurance Policies with Instant payout claims process
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