Insurance powered by Blockchain & AI

Introducing Uwezo is a revolutionary micro insurance app that’s helping developing markets reap the benefits of blockchain technology. Developed using K-Stack technology by the Berlin based Blockchain Venture Studio Konfidio, it provides a simple and effective way for some of the world’s least privileged to insure themselves and their items.

By streamlining the insurance process, Uwezo has significantly reduced premiums and provides coverage from the very first day.

Benefits for customers

Uwezo provides affordable coverage for those who normally would struggle to get a policy, but are in need of it the most. The platform is also giving people a digital identity and promoting financial inclusion throughout developing markets. With the capability of providing fractional amounts of coverage with no minimum payment required, customers can tailor their plan to their financial situation. A reduction in the time taken for processing claims reduces the stress and effort associated with getting reimbursement from the insurance provider.

Benefits for insurance providers

The Uwezo platform drastically reduces the amount of manual processing needed when issuing policies and dealing with claims. Through its integrated AI capabilities and blockchain underlying technology, Uwezo brings about significant cost savings for issuers using the platform. Access to real time data and automated financial settlement also help create a streamlined process that traditional policy providers cannot compete with.

How is blockchain suited to this particular market and problem?

Through the use of blockchain technology in the Uwezo model, the number of intermediaries present in the insurance flow is minimised. This means that premiums and rates can be significantly lowered, providing fairer access to insurance in developing markets. The cryptographic and immutable nature of blockchain also creates a more secure and verifiable process for creating claims. AI technology plays a large role in verifying and automating claims, removing yet more intermediaries from the process. This significantly decreases the amount of time needed to process and validate claims. Companies save money and customers experience faster settlement times.

Uwezo offers to its customers a transparent claims process and a sophisticated pricing system, using shared loss histories to obtain data-driven insights on prospective customers. It also boasts an efficient payments process that streamlines transactions between insurers and third parties, along with improved subrogation opportunities.

Technical Architecture

The benefits of micro insurance

With Uwezo, customers are insured from day one proportional to the amount that they have contributed. By allowing people to engage in small micro payments, consumers are free from the usual constraints faced in the traditional insurance model. Uwezo is specifically targeting and addressing the kinds of issues and risks that affect low-income groups around the world.

Large premiums and regular payment dates can deter those who need insurance the most from taking out a policy. This is something that Konfidio strives to combat whilst meeting the UN’s goals of sustainable development. By having a simple policy structure whilst also being accessible and efficient helps create a more equitable insurance market. Developing markets need this and Konfidio is there to help.

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