The project was inspired by a desire to revolutionize the insurance model by utilizing blockchain to automate processes, remove expensive intermediary overhead, and distribute insurance risk.
What it does
We built a web application as an extension to Juniper to automate the creation of an approved policy and record the details on an easily auditable blockchain; to transfer the risk asset to reinsurers; and to allow beneficiaries of insurers to submit claims which will automatically begin the verification process and payout.
How we built it
Challenges we ran into
We were struggling to understand the current insurance model and all the problems that accompany it, and how we can improve the process and disrupt the industry by implementing blockchain technology.
Accomplishments that we are proud of
After much debate, everyone in the team finally come up with a MVP that works and shows how blockchain can be used to solve some of the problems with the current insurance system.
What we learned
The importance of drilling down and clearly identifying the problem in order to design a solution that met stakeholder expectations. We gained deeper understanding of the insurance industry, regulations, and roles of different parties from a systemic perspective.
What's next for Juniper Long On Life
Continue to explore other problems in the insurance model that can be solved by blockchain but we don't have time to put together in a hackathon