French insurance outfit La Parisienne Assurance and Sigfox, a global communication network provider for the Internet of Things (IoT), have partnered to deliver a new kind of blockchain-based insurance. La Parisienne deals in a specific kind of insurance, which offers white label insurance to distributors (currently over 200 partnerships in 13 different European countries) and has over 30 live products available today in the form of Application Programming Interfaces APIs. La Parisienne is significantly expanding its range of products on usage-based and parametric insurance. Such insurance can be fully automated, which is where blockchain comes in. Leveraging smart contracts (using private blockchain), La Parisienne can automate policy underwriting and claims lifecycles for certain simple insurance products for connected objects, using public (weather, pollution, traffic) or private triggers (from IoT networks). Sigfox can provide a number of private triggers, based on sensor information, to activate insurance and calculate premiums in real-time.
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