German-based insurance firm DOMCURA has launched a blockchain-based travel baggage insurance. If the pilot project turns out successful, this will open up a whole new world for DOMCURA and insurance companies in general.

Have you ever lost your baggage while traveling? It’s painful. Even if you have a baggage insurance, you’ll be going through a lengthy process to get your money back.

Proof of travel documents, flight tickets, hotel bookings, insurance companies are well-known for being paperwork mills. Blockchain technology could change this once and for all.

DOMCURA’s insurance app automatically activates when you leave your “homezone”

DOMCURA has introduced an app which is based on blockchain technology. The goal is to get rid of overwhelming paperwork and make baggage insurance easier, cheaper and faster.

It’s rather simple. Before you go on holidays, you download the DOMCURA travel baggage app to your phone and register for the service. You only have to register your address and determine the insurance coverage amount.

There is a slide control, which allows you to set this amount anywhere between EUR 1,000 and EUR 5,000. The insurance costs 0.125% of the coverage amount.


Whenever you go on holidays, the app will automatically notice that you are gone. You will be covered if you are at least 50 km from your registered address for a period longer than 24 hours. Once you return into your “homezone,” the app will automatically deactivate your insurance coverage.

Therefore, you only pay for the days that you are actually gone. You don’t have to worry about giving notice or overpaying. Everything happens automatically via the app.

You only have to activate the app and take your phone with you. In case you forget it at home, you won’t be insured during the trip.

DOMCURA’s insurance app stores location data on a blockchain

The app is built on the open-source blockchain project Corda, which is widely regarded as the most promising blockchain solution for the insurance industry.

Location data will be stored on the blockchain. Only the user can view the data. The insurance company can only access the data if there is an insurance claim. Thus, the app ensures maximum data privacy.

In case there is an insurance claim, DOMCURA will use the data stored on the blockchain to process the claim. There is no need to send flight tickets or any other paperwork, which simplifies and speeds up the process.

If don’t want to pay for the insurance anymore, you can turn it off at any time, or simply deinstall the app. No data will be collected anymore.

Blockchain technology could reshape the insurance industry

So far DOMCURA has only offered the app to existing clients, and it is only available on IOS devices. But an Android app is already in the making.

Uwe Schumacher, CEO of DOMCURA, is optimistic. “This is one of the most ambitious projects in the history of our company,” he says. “We are thinking about offering the app to new clients after the pilot project is successfully completed.”

Other insurance companies are also considering blockchain-based insurance products. AXA group is currently testing a blockchain based flight cancelation insurance called “fizzy”. Allianz Global Corporate & Specialty SE (AGCS) has successfully tested a blockchain-based “captive” insurance program including cash transfer between countries.

Blockchain technology could significantly change the way the insurance industry collects, stores and accesses data. Solutions could simplify insurance applications, speed up insurance claims, improve data privacy and thus create enormous benefits for both, insurance providers as well as clients.



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