We have developed the insurance technology platform to provide 3bn+ uninsured people with access to tailored insurance – Focussed on microinsurance, gig economy, embedded insurance and schemes/programs.
£4,000,000
£2,300,000
£25,000
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We have developed the insurance technology platform to provide 3bn+ uninsured people with access to tailored insurance – Focussed on microinsurance, gig economy, embedded insurance and schemes/programs.
We are currently raising £4m to deliver 2022 confirmed projects and achieve breakeven with £1.7m already committed by a lead investor and a further £1m verbally confirmed.
£1.6m equity raised to date.
Exit planned at £200m+ valuation.
Distribute the technology to provide 3bn+ uninsured people with access to tailored insurance so they can obtain suitable protection to improve their lives – Focussed on microinsurance, gig economy, embedded insurance and schemes/programs.
Blocksure’s vision is to enable existing insurance practitioners to use smart contracts, DLT and APIs to open up new markets and improve profitability at minimal cost alongside their existing solutions. This is now achievable simply and affordably, with minimal implementation risk.
Distribute the technology to provide 3bn+ uninsured people with access to tailored insurance so they can obtain suitable protection to improve their lives – Focussed on microinsurance, gig economy, embedded insurance and schemes/programs.
Blocksure’s vision is to enable existing insurance practitioners to use smart contracts, DLT and APIs to open up new markets and improve profitability at minimal cost alongside their existing solutions. This is now achievable simply and affordably, with minimal implementation risk.
Brokers and insurers are at the forefront of protecting customers through building products to cover their needs. However, the industry has been unable to launch a suitable range of microinsurance products because the transactional costs are too high. Blocksure’s insurance platform eliminates the complicated, time-consuming, costly processes in the customer/intermediary / insurer supply chain. Blocksure enables the launch and administration of simplified and seamless intermediated microinsurance products at an affordable price for the policyholder.
Blocksure has researched the market and built a solution that allows a broker in Indonesia to sell a USD2.00 policy and deliver all data, payments and documents to an insurer in real-time. The platform cost of processing the policy is USD0.50.
Markets that are typified by lower premiums and very high customer potential:
– Microinsurance – 3.5bn policyholders by 2025
– Embedded insurance – US$ 722bn (risks covered) in 2030
– Gig economy – US$ 500bn (risks covered) in 2030
Blocksure OS is a full-service policy administration system that will integrate with proprietary systems. Blocksure is the only DLT smart contract solution implemented in multiple geographies.
Blocksure’s uniqueness stems from its deep knowledge of the insurance operational ecosystem and its application of that knowledge to build a platform for low-cost microinsurance delivery via an intermediated supply chain.
Our experience tells us that the intermediated insurance supply chain carries significant inefficiencies and inbuilt costs that prevent the insurance market from supplying microinsurance at high volume and low cost.
Blocksure OS has harnessed distributed ledger technology with smart contracts to provide each party to the insurance transaction with its own ledger, completely synchronised with the ledgers of its counterparties, that records each component of the insurance transaction and matches cash movements automatically to the ledger records.
Each party has a full, real-time record of the insurance transaction that is always in full agreement with its partners. Cash is automatically allocated to each party on receipt, and all client money handling issues are eliminated.
It allows insurance providers to reach billions of customers they could not previously and improve the profitability of existing lower premium products.
We generate revenue by taking a small transactional charge from every policy sold through the platform. Our aim is to maximise the ARR.
Our platform lives in 4 countries – Indonesia, Japan, the UK and the USA. We have established customer relationships and partnerships with:
UK – Insure Now (Agency), Commercial & General (Agency), Covea Insurance (insurer)
Indonesia – KMB (Agency), ASM & ASMJ (General and Life Insurers)
Japan – Asia Affinity – Insurance group using Blocksure OS for product distribution and reselling Blocksure OS through their outsource operation Green Reach
USA – Assurified – Insurtech start-up licenced Blocksure OS to reduce time to market by years
Consultancy partnerships
TCS – Major consultancy using Blocksure OS to improve their proposition, and Blocksure is TCS CoIN partner (Co-innovation)
Cognizant – Major consultancy using Blocksure OS to improve their insurance proposition
JGC – Independent insurance consultancy working alongside Blocksure to provide a complete proposition covering consultancy and systems
Marketing and sales is based on referrals from existing clients and approaching clients in our target markets via trusted sources.
Our CEO has 30 years of experience in insurance and has built a very large network of contacts across the global insurance industry. These include clients from the largest insurance businesses, such as AON, to regional players.
The key to all our marketing is to emphasise the benefits of our platform and use our implementation successes to attract customers.
Insurance operations and strategy covering brokers, MGAs, insurers and Claims TPAs
xperienced nonexecutive director specialising in technology and knowledge-based businesses
Reinsurance and Life & Pensions programme delivery for major software companies
Insurance operations including Reinsurance
Technology and payments across banking
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