Ocean Storm

Parametric insurance for maritime industry against heavy storms

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Please read our gitbook website for more info and fun

insureblox.gitbook.io --> link

What inspired us

  • Participate in disrupting the insurance industry
  • Develop superior solutions for customers compared to current coverages
  • Growing need and opportunities for climate-related insurance products
  • Use cool new technologies, learn and grow together as a team. DLT is the future! Especially in insurance!

What it does

  • Parametric insurance coverage for vessels against heavy storms
  • Ship owners, charterers, logistic companies etc. get an automatic pay-out when the ship goes through a heavy storm of a certain magnitude and duration
  • Useful to insure financial losses due to delayed arrival or due to damage of the ship or goods shipped
  • Customers purchase coverage based on the ID of the ship and the prospective route. The route and the weather conditions of the ship are tracked by Chainlink Keepers, Chainlink Node/Adapter and finally evaluated within the smart contract.

How we built it

  • Based on Solidity, Chainlink Keepers and Chainlink Node/Adapter
  • React frontend with connections to Web3 components
  • We used the Datalastic API to track the vessel (every hour) and the Storm Glass API to check the weather data for the current position of the ship
  • As soon as the thresholds for the payout are met (a certain level of wind speed/gusts over a certain period of time), the payout is triggered

Challenges we ran into

Nothing substantial. We had to explore a lot of new technologies and tools like Chainlink Keepers, Chainlink Node and it's difficult to connect the off-chain data to the on-chain part. But we finally managed to get everything connected, even without any external help. Pretty cool. ;-)

Accomplishments that we're proud of

  • That we all met for this on Discord and the Team Creating Event - and stayed together!
  • Getting it done. Having succeeded in coding it end-to-end and having successfully tested the solution. Without prior deep expertise in many major components of the solution, especially everything Chainlink. And alongside our demanding jobs.
  • Growing together as a team, although we are based in 4 different countries with a time differential of 6 hours. And it was a fun experience as well...

What we learned

  • A lot. Many new tools, also new collaboration tools, and of course how to code it.

What's next for Team Ocean Storm

  • Ocean Storm is the second prototype developed by InsureBlox, an early stage insurtech startup soon to be founded in Germany and Liechtenstein. Only Martin has been part of InsureBlox before. We will see, if and how we all cooperate in the future. Hopefully, we will... ;-)
  • InsureBlox will revolutionize insurance by using IoT data and DLT for new types of coverages. Parametric coverages are the main focus. InsureBlox currently focuses on specific risks in the decentralized energy market, but also in mobility, Industry 4.0 and logistics.
  • The next step technological will be to integrate IoT data into the storm coverage, e.g. telemetrics data from ships or containers that are supposed to be insured.
  • Furthermore, to adapt the solution for energy facilities like offshore and onshore wind mills, power grids etc.
  • Finally, to find industry partners from different verticals to really bring this solution live.

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