Vrumi, the Airbnb of shared workspace have partnered with SafeShare Global, a Blockchain-fueled insurance startup focused to rollout the first fully integrated insurance product to give home owners solid insurance, underwritten by Lloyd's of London.
The insurance product employs Blockchain technology created by Z/Yen Group to confirm counter-party obligations which facilitates the delivery of a flexible and a responsive product to customers at a reasonable price.
In an interview at Business Comparison, Roddy Campbell, Vrumi's co-founder notes:
“Insurance is the biggest practical problem we face, not that it is insoluble but the insurance industry is not set up for us so it will take time to develop a suite of products we can provide to Hosts who cannot get appropriate cover through their existing insurers. (My house insurer provides liability cover to anyone I invite in, but restricts theft and damage).”
The new service will give hosts the opportunity to ‘opt in' to cover, giving comfort without breaking the bank and with a 24-hour claim service hotline, this insurance will help increase confidence in generating extra income for UK home owners. The underlying replicated authoritative immutable ledger ensures a trusted record of insured parties is maintained.
Alex Steinart, SafeShare Global Co-Founder states:
“Insurance for the sharing economy needs to be flexible and responsive to customer needs. Our distributed ledger approach, developed by Z/Yen Group, offers the opportunity to coordinate the provision of products between counter-parties in near real-time and to radically cut the cost of this coordination.”
Professor Michael Mainelli, Executive Chairman of Z/Yen, continues:
“Z/Yen's woven broadcast technology delivers SafeShare's insurance solution an undisputable record of the insured through a distributed network of proof. Built on MetroGnomo, encrypted copies of the distributed ledger are held by all parties, such as the States of Alderney who are providing oversight of MetroGnomo's integrity.”