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The aim of this project is to assess the introduction and commercialization pote
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The aim of this project is to assess the introduction and commercialization potentials of a startup company in the field of insurance technology. The business plan will explore the opportunity to build a technology company that will offer the insurance products that fully automate claim processing using smart contracts in the travel industry. In particular I hypothesize that by using smart contracts to replace all traditional manual claim processing and verifications processes can have a competitive advantage over traditional insurance contracts because they can drastically reduce costs, claim processing time, and finally the insurance fees that the consumer pays. The way these smart contracts can austomate claim processing is by using some services called Oracles that act as a source of truth that something happened eg an oracle can confirm that a flight got canceled programmatically which can trigger the smart contract to refund money to the customer, who was insured against that incident without a claim and waiting time. I want to describe use cases of travel insurance (eg. airfare and train buses or ship routes). Hints Executive summary Start with problems in traditional insurance industry Technological solution and how it can be solved with smart contracts Business description Start with the insurance environment SWOT mostly focus on the benefits of smart contracts over traditional insurance contracts Market analysis and strategy Commercialization strategy (Marketing and sales only general description) https://blog.chain.link/smart-contract-use-cases/ https://startupnation.com/manage-your-business/legal-insurance-compliance/smart-contracts-work-startups-flynn/ https://www.micglobal.com/insurance-blockchain-oracles/ https://blog.chain.link/blockchain-insurance/ https://blog.chain.link/parametric-insurance-smart-contract/ https://medium.com/@pappas999/disrupting-the-insurance-sector-with-blockchain-smart-contracts-data-availability-fund-1bae752728c8 https://www.baloise.com/en/home/news-stories/news/blog/2021/smart-contracts-and-the-future-of-insurance.html https://www.linkedin.com/pulse/fork-you-blockchain-your-smart-oracle-attitude-paul-wilson/ https://supraoracles.com/academy/what-are-oracles/ https://antsankov.medium.com/the-oracle-problem-isnt-a-problem-and-why-smart-contracts-makes-insurance-better-for-everyone-8c979f09851c