Chain4Travel partners with InterMundial, Hiberus
Travel insurer InterMundial and Chain4Travel to distribute policies via its Camino blockchain platform
The partnership is intended to increase the ‘efficiency, security and confidence of the travel insurance contracting process on some sales interfaces of InterMundial’, by offering a secure way for policy data to be stored.
The implementation of InterMundial policies on the Camino blockchain could also offer improvements to functionality, including the possibility of automation.
“If a flight is cancelled or delayed, this new smart system will automatically pay the customer the corresponding amount of insurance money according to the insurance policy contracted – without making any kind of process or request form necessary,” explained Manuel López, Intermundial’s Chief Executive.
López added: “In this way, we can sell our travel insurance policies in a safe and controlled digital environment and, at the same time, improve the customer experience by the automation of compensation management.
Hiberus to take ‘an active role’ in Camino
Chain4Travel also announced a partnership with cloud services and data business Hiberus, who will take ‘an active role in the new distribution network’, following the installation of a ‘validator node’ on the Camino blockchain. The blockchain network employs ‘smart contracts’ developed by Hiberus, which take the form of a non-fungible token (NFT).
According to Raúl Gérez, Hiberus’ Blockchain Manager: “As soon as intelligent insurance policies through Camino blockchain become available, users will be able to take out travel insurance through the Intermundial website.,”
However, he added that: “The introduction of NFT policies will be a complementary mechanism to the existing one. It does not replace it, and the use of a wallet will always be optional.”
Etherisc launched its own automated blockchain travel insurance technology in January 2022.