AXA, the French Insurance giant geared up a test run for its blockchain platform in 2017 and named it “Fizzy.” It was designed to manage flight insurance meant for delayed flights. The project primarily focused on automating the claims processes with smart contracts on the public Ethereum platform.
As such, Fizzy brought in the trust factor and transparency among the blockchain users. A network of smart contracts was linked to a public Ethereum platform that was meant to scan data sources for delayed flight information. If those delayed flights matched any of the insurance policies backed by ‘Fizzy,’ then a pay-out would be automatically triggered.
AXA claimed to be the very first insurance company to use Ethereum in the blockchain insurance. However, the plan somehow did not succeed and AXA announced to cease its operations of the blockchain experiment “fizzy,” earlier this week.
The AXA project head Laurent Benichou lamented and remarked,
The travel/airline industry appetite was just not strong enough, whatever form fizzy was suggested. It is certainly very sad, but this is the hard truth of innovation: some projects will find their market easily, some will not.
He also outlined the future plans of the company after withdrawing the “Fizzy” project and said,
We have nonetheless learned a lot on Ethereum and initiated a few ideas on customer centricity that will (I am sure) grow in the insurance sector. The team will now shift to other projects but will remain interested with the crypto sector and protecting people.