P2P INSURANCE MUTUAL
P2P Insurance Mutual
In olden times, people used to share risk among local communities. For example, merchants used to distribute their stocks across multiple ships instead of one ship to limit the loss due to any ship capsizing – thereby sharing risk within the community. But this model wasn’t scalable as merchants couldn’t trade beyond borders.
To tackle scalability and availability, the world today has largely moved away from the community-based model to a commercialized one, where large companies dominate and intermediate the process. This model results in increased administrative, governance and frictional costs further hampered by lack of transparency.
With Blockchain Technology, due to its transparency, immutability and resiliency, insurers can not only securely automate their processes but also distribute the risk of the pool fund in a mutual.
Somish is the technology partner of Nexus Mutual – a peer-to-peer global earthquake insurance mutual built completely on the Public Ethereum Blockchain
At Somish, we established a Blockchain Centre of Excellence in 2016. Our team has continuously focused on using Blockchain to tackle key challenges of industries like BFSI, Agriculture, Aviation and Governments. Some of our other key Blockchain projects have been highlighted below.
P2P Insurance Mutual
Bringing back insurance in a very cost efficient way by allowing individuals to form groups that can share risk at affordable costs.
Single Version of Truth for OEM, MRO, Aircraft, Airline & Aviation Authorities efficiently reducing operating costs & layover times.
Public Distribution System with assured and accurate end utilization enabling transparency, Traceability & Standardization.
Crisis Fund Distribution
A global common ledger for raising, allocating & distributing aid, donations and grants during times of crisis.
P2P Energy Trading
Blockchain platform for P2P energy trading with turing complete solar panel meters and bidding system.
A DLT solution for Banks, Manufacturers and their Vendors to majorly reduce processing timeframes.
Immutable Audit Trail
A DLT solution for moving ahead of RDMBS implementations to store Audit Trail data on an immutable, trusted ledger.
Tokenized Fund Transfer
Domestic Fund Transfer on Blockchain for emerging markets to tackle Financial Inclusion without last-mile bank branches.
A DLT solution for bank reconciliation eliminating an age-long problem of different statement formats of different banks.