Skuchain’s credit and marine/cargo insurance platform, called CoverI, offers a buyer of insurance their own marketplace for putting together policies through a syndicate of insurance companies.
CoverI manages the bidding and negotiation process for a new policy. Once such a policy is in place, CoverI allows a company to upload information to the blockchain about performance history on the policy. This information will offer greater visibility to insurance companies about the ongoing risk of a policy and open the possibility of much more efficient and dynamic pricing of risk and insurance structures over the life of the program. At the same time, the ability to share this transaction information will dramatically reduce the costs to insurance companies of verifying and paying out a claim, as well as collecting on the defaulted amount from the counterparty.
For marine/cargo insurance in particular, the Popcode traceability technology can be used to track the cargo in real time for purposes of obtaining greater visibility and certainty about loss.