Riskebiz Internet Services Inc., Vancouver, BC

Prediction markets to fill gaps or provide a substitute for available actuarial data.

Lack of actuarial data is a key challenge to the development of microinsurance programs. Often, there simply isn't enough recorded data to enable insurers to predict the likelihood of future events occurring. Using prediction markets built on blockchain technology, we can collect inputs from a pool of individuals and use it to estimate the probability of an event occurring.



Decentralized consensus mechanism to facilitate community based underwriting and claims management.

Microinsurance is sometimes made prohibitively expensive due to the costs of collecting underwriting data and administering claims. Often underwriters and actuaries have to travel into the field to perform these tasks, and this increases the expense ratios of companies to a point where they cannot be profitable.