Traity collaborates with Suncorp to launch a micro-insurance platform
Kevin, Traity’s new chatbot, provides micro-insurance for P2P transactions online. Created in collaboration with Australia’s financial services conglomerate, Suncorp, Kevin protects buyers on online marketplaces such as Gumtree, Facebook and Craigslist.
The bot insures users against fraud, theft and scams. “With Kevin we don’t care about the what. We care about the who,” states Juan Cartagena, founder and CEO of Traity. He describes his venture as “chatbot insurance for the sharing economy.”
Built on blockchain technology, Kevin reviews the reputation of the buyer and the seller in a transaction. If approved, the transaction is recorded on blockchain to timestamp the agreement. The company also buys Bitcoins to cover the liabilities it takes on.
At present, Kevin provides $100 worth of micro-insurance for free, but in the future, Cartanega imagines the platform could adopt a freemium model.
By Soumik Roy, editorial contributor to Banking Technology