Insureum Protocol’s first global insurance agreement signed with AXAhttps://medium.com/@insureum_zikto/insureum-protocols-first-global-insurance-agreement-signed-with-axa-62787a04faac
Zikto, the team behind the Insureum Protocol, has signed an MoU with the French multinational insurance firm, AXA. Insureum is our new token primed to disrupt the insurance industry by compensating policyholders for sharing their lifestyle data. AXA is the world’s second-largest financial services company by revenue. Our agreement with AXA is the first step toward enabling the benefits of the Insureum Protocol to a wide consumer-base across the world.
The agreement will integrate the Insureum Protocol across the entire spectrum of insurance processes: data integration, product development, sales and marketing, and claim management. Zikto will provide their open-source API, along with a subsidy of Insureum tokens to facilitate product development, sales, and management. AXA will use the Insureum token as a currency and coordinate marketing activities with Zikto.
AXA was selected as our first client due to two main reasons:-They have an in-depth understanding of blockchain technology, and interest in developing blockchain solutions. AXA was the pioneer insurer to go on the blockchain, having developed a blockchain-based insurance product
in 2017 that leverages smart contracts to automate the claim management process.
-They have a global presence. With AXA’s widespread coverage, their cooperation will not be limited to Korea, but to the entire Asia-Pacific region from the very start.
Our protocol launch comes just in time to respond to the EU GDPR Act enforced this month. The new law bans all personal data collected and used by organizations active in the EU — whether they’re EU-headquartered or just have European customers — without the data usage being explicitly granted by its owners.
While the GDPR Act is a win for consumers wary about data theft in the wake of the Cambridge Analytica scandal, it leaves a lot of industries stuck in the mud. Comprehensive data analysis is the only way to get an edge on the competition in the modern world, causing a lot of concern for both European and global businesses feeling stifled by this Act. According to a report by Ovum, more than 50% of all European and global businesses anticipate being fined due to the GDPR Act, and over 70% expect rising budgets in order to meet the legislation. All industries across the board are going to feel this sting.
But the insurance industry can rest assured: we’ve got you and your policyholders covered with the Insureum Protocol.
