Delayed Departure Insurance

Delayed Departure Insurance

With an ever-growing volume of air traffic, airports and airlines are sometimes unable to cope with pressure, possibly resulting in flight delays. Blockchain enables the automation of departure cancellation insurance for airline passengers.

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Disadvantages of the existing model

A passenger has to seek compensation from the insurance company.

Without declaring trip cancellation a passenger is not entitled to compensation.

Supporting documents must be provided.

Request consideration is a time-consuming process.

Unless the cause of trip cancellation is on the list, a passenger loses the right to compensation and no insurance benefit is guaranteed.

Some insurers can reject compensation claims using flimsy pretexts.

Other insurers pay compensation for the expenses incurred only.

New model

Blockchain makes it possible to deliver a fundamentally new insurance service for airline passengers.

A blockchain solution will allow compensation to be paid automatically, without human involvement.

In order to use the service, a passenger goes to a designated website, signs up specifying his or her details, flight, date and time of departure and other information.

The data so entered is saved on the blockchain, thus creating a scheduled task to be invoked at scheduled check time.

At a specific time, the Credits smart contract is called. The smart contract checks whether or not an aircraft has departed on time and, if not, identifies the length of delay. The smart contract calculates the amount of compensation based on findings from the check and transfers it to the insurer’s wallet.

Advantages of the new model

Insurance benefit accrues automatically.

Accrual cannot be prevented.

Human-independent decision-making process.

Even server failures cannot prevent compensations from being paid as the service operates in the distributed node network.

Compensations are paid out regardless of the cause of delay.

Credits – new approach to insurance

You are invited to review a detailed presentation.

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Why Credits?

We have created a unique blockchain platform called Credits, which makes it possible to use blockchain technology

A unified protocol for issuing, storing and transferring financial assets

Infrastructure on a distributed network with a public registry

Accounts system with public and private keys

Set of security systems

Built-in programming language for creating services

Contact Us

We have a strong team of programmers and support offering:

Consultations on how to use technologies

Help with PoC (proof of concept) and MVP development

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