Etherisc mainly develops a platform for decentralized insurance applications with the aim of making insurance transactions simple, efficient, lower operation costs and increase the level of transparency. Etherisc does not offer their services directly but partners with insurance companies who interact with the users.
Etherisc is categorized into two branches of business. The first is a nonprofit organization for insurance-related products and services. The other office is the for-profit commercial entities, spread across jurisdictions, and bundled together in an Etherisc Holding AG. The business entities are meant to facilitate first movers of the decentralized products, taking risks and demonstrating its value to other companies to attract them to adopt. It is intended to act as proof of concept as well as revenue tool to facilitate continuous development and operation of Etherisc’s products and services.
Etherisc Making Insurance Fair and Accessible
Etherisc is a decentralized insurance and reinsurance marketplace. The primary goal of Etherisc is to build decentralized insurance applications, making the purchase and sale of insurance more efficient, permit lower operational costs, and democratize access to reinsurance investments and increase the level of transparency in the insurance trade as opposed to the conventional operations.
In September the Etherisc team developed, and alpha tested an insurance application known as Flight Delay. The decentralized use was successful as it revealed the benefits associated with decentralized insurance. It was done providing flight delay insurance policies to attendees of Ethereum Devcon 2 conference that was held in Shanghai, China. The risk pool for this demonstration was capitalized by the Etheric team even though the sample size was limited it showed positive results which could instigate further exploration into the system.
The Flight Delay decentralized application has revealed that insurance applications with affixed risks pools do not scale. Also, it has shown that crypto-tokens enable highly customized economics. Due to this reason, Etherisc goal is to tokenize the reinsurance risks as well as make them easily accessible to the global market.
The Etherisc team proposal is to provide a decentralized insurance product and reinsurance marketplace on the Ethereum blockchain. This proposal has a token model that enables investors to buy and sell the risks associated with a decentralized insurance portfolio as well as would allow investors to acquire exposure to its revenue as an income stream.
RSC-DST are used to denominate the RSC tokens which are issued in the DST contract of hack.ether.camp, and RSC-FDD for the tokens issued in future that are to finance the risk pool. The proceeds obtained from trading the RSC-FDD back to the reinsurance pool. However, they are issued in a separate token sale following hack.ether.camp. They can then be flexibly issued after the token sale according to the collateralized risk volume. RSC-FDD tokens usually obtain their revenue for providing the capital and take on excessive risks.
Etherisc has a young, energetic, and highly experienced team. The team is composed of;
He has an outstanding record in the banking sector in Germany. He has served as a board member of a cooperative bank for several years. Later he moved to the IT department, and he became the Chief Program Manager Credit Solutions and Chief of Strategy Development at Fiducia GAD IT AG; one of the largest IT service providers in Germany. In 2015 he secured a job as the Chief Executive Officer (CEO) at parclT GmbH, one of the best-known companies dealing in risk management solutions. He has worked for many years in the banking and insurance sector which makes him highly experienced and knowledgeable in issues relating to regulatory frameworks. Also, he co-founded Progeno Wohnungsgenossenchaft eG; a housing cooperative which has funded numerous housing projects in Munich.
Currently, he is a digital strategist at disrupt consulting. He has vast experience in the IT business having worked for over 20 years. He advises finance and telecom enterprises regarding digital strategy. He was part of the UBS crypto innovation lab which was held in 2015 at Level 39, London. Moreover, he holds a Ph.D. in Information Management from ETH Zurich and has been working on digital currencies since 2008.
He studied mathematics and computer science same at Rutgers University, Courant Institute of Mathematical Sciences at NYU, and New Brunswick. He is a co-founder and managing partner in a blockchain technology research company; CoinFund. Apart from developing a blockchain technology company, he is an investor in crypto assets. He has worked for more than nine years on matters relating finance and technology. Previously, he was Partner and CTO at Triton Research, a technical product manager and engineer at Amazon.com. Also, he spent five years as a financial technologist at Highbridge Capital and as a quantitative researcher and trader at Kohera.
Nuno Brito Lopes
Nuno pursued a BSc in Visual Information Technology at the University of Coimbra. He is the sole proprietor of Lopezi.com which, in association with an extended network of professionals, provides a wide range of Digital Design and IT services. Currently, Nuno is based in Central Europe. Initially, he worked in the Iberian Peninsula and the Middle East across some companies such as Huawei, Siemens, E.O.N, and Telefonica.