A year ago AXA started testing its new solution based on blockchain technology – Fizzy. It is a kind of parameter insurance to pay compensation for a flight delay. The insurer wants to implement this system in Poland.
Fizzy operates in cooperation with Paris Charles de Gaulle Airport. It obtains data about flights and their arrivals from the airport’s IT system. If a delay exceeds a specified term (the parameter), compensation is transferred to the insured traveler automatically.
“AXA is the first insurance company in Europe which has succeeded in creating such a product. Parameters obtained by external sources of data such as airports and weather stations are the key to success”, explains Piotr Wójcik, manager of the corporate insurance sector in AXA Poland.
Fizzy has received positive results in France. So AXA plans to implement the solution onto other markets, including Poland where the system will work with Chopin Airport in Warsaw. Currently strict legal regulations on the insurance sector in Poland are a barrier to achieving this aim.
