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Blockchain in Insurance Practical Case Study

Executive Best Practice with Martin Baier, Programme Manager, Mobility Innovation & Blockchain Insurlab, Zurich.

Published: 24 July 2019

ID: BCH-G035

Analyst: Enrico Camerinelli


Blockchain InsurLab provides micro-insurance solutions for small farmers against weather disruptions. The risk coverage is based on parametric triggers, e.g. excess rain or shortfall of rain. The weather data is integrated as an oracle into the smart contract.

The major difficulty faced in this case study was the distribution side: the financial literacy of farmers in developing economy countries is often quite low. There are severe trust issues among farmers and selling purely via the digital channel is impossible given the low penetration rate of smartphones.

The objective of the application was to reduce the intermediary costs, especially for claims adjustments, to speed up the claims process, increase trust and transparency and – in general – make insurance available to markets and customers that have so far been underserved by insurers.

Key Questions Answered

  1. How did you build the business case?

  2. How did you convince your boss?

  3. Did you need tangible KPIs to measure the success of the project?


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