Etherisc is a decentralized platform built for the insurance industry. It utilizes smart contract technology for end-to-end automation of insurance transactions and processing. Etherisc also enables the development of decentralized insurance applications that would provide for the more efficient purchase and sale of insurance at reduced operational costs. The company's platform is also intended to increase the transparency of insurance compared with traditional operations and democratize access to reinsurance investments.
Etherisc was founded in 2016 by Christoph Mussenbrock, Renat Khasanshyn, and Stephan Karpischek and is heaquartered in Munich, Germany.
Since its founding, Etherisc has used the company's platform to license Crop Insurance and Flight Delay Insurance. Both insurance products are decentralized, and payouts are automated and almost instant and are triggered according to the data collected by either reported flood or drought events, in the case of Crop Insurance, and the reported cancellations or delays of a flight, with respect to the Flight Delay Insurance.
Etherisc is also prototyping Social Insurance, which would provide protection against risk of death or illness of a community member and immediate emergency payment to help the policyholder through critical times. The company has also designed policies for Hurricane Protection, Cryptocurrency Wallet Insurance (which could protect against risk of theft or wallet hacks up to $1 million), and Collateral Protection for Crypto-backed Loans (which would protect up to 100 percent of an issued loan amount if the value of the collateral provided by the borrower drops by 90 percent or more).
An acronym for "Decentralized Insurance Protocol," the DIP token is the native token of the Etherisc ecosystem. The tokens give users access to the platform, and users can stake DIP to provide collateral for risk pools and to guarantee future performance, availability, and service levels. Further, staking signals quality and reputation, and participants can earn money through other skills, such as software, risk capital, insurance licenses, claims processing, or regulatory compliance and reporting services.
Other than staking for risk pools, the DIP token can be staked for services and quality assurance, and it can be staked for the governance of the Etherisc platform. The DIP token has a hard cap of 30 million USD and a total supply of one billion.
Etherisc launches automated blockchain travel insurance
Etherisc White Paper
Stephan Karpischek - Etherisc - Ethereum London