A summary of the talk by Bernd Oostrum at the Singapore FinTech Festival.

Bernd Oostrum worked as the main blockchain architect/developer for one of the biggest insurance companies in the Netherlands. Experience in building blockchain solutions for insurance companies and the Dutch government.





Teszure solves some pressing issues in the insurance industry.

What's wrong with insurance today?

- It can take up to 70 days before you receive money from your claim

- Each year, $1 trillion is spent on operational costs.

- About 10% of the people trust insurance companies.

Tezsure solves these problems by creating a a platform where they enable users to take part in existing insurance product, and where users can to create their own insurance products as a group. Users can't just start up any random product. New ideas are checked by Tezsure's automated risk analysis. So Tezsure uses machine learning for risk analysis and claim verification, and blockchain for decentralization of funds management. Combined Tezsure can verify claims in 60 seconds and cut out administrative and operational costs.

The insurance industry is one of the biggest industries, worth about $6 trillion. Teszure is combining the strength of existing products that use blockchain in the insurance industry, to create a borderless and easy to use platform, fully mobile and digital. With a simple and intuative design, Tezsure allows users to search or browse per category and find popular insurance products. If the product you are looking for does not exist yet, you can create it yourself. Through the chatbot Elena, Tezsure will analyse your needs, after which Tezsure will do the risk analysis. Then, if the product is deemed feasible by the system, the product is created. Now you can invite other people to join your newly created product.

There are two revenue models for Tezsure:

- The B2C model, where Tezsure takes a small percentage of every premium payed.

- Over time, it will become clear for insurance companies that it will be interesting for them to leverage Tezsure's API's. This would create a B2B model next to the B2C model.

Tezsure is funded by both silicon valley and blockchain valley: through Draper U venture, the Tezos Foundation and CV Labs Zug.

At this point of time, Tezsure is focusing on two use cases:

- Crop insurance. Here Tezsure is working on a pilot with the Indian government to support poor farmers.

- Small electronics. Here Tezsure is mostly focusing on the machine learning aspect of their platform.