Kevin, Traity’s new chatbot, provides micro-insurance for P2P transactions online. Created in collaboration with Australia’s financial services conglomerate, Suncorp, Kevin serves a dual role whilst also protecting buyers from fraudulent traders on online marketplaces such as Gumtree, Facebook and Craigslist.
The modus operendi of Kevinsured is pretty straightforward. When you transact with a stranger online, you message Kevin and inform him of the nature and size of the transaction. Kevin then validates the identities of both parties and once the transaction is approved, it will create a guarantee which is recorded on the blockchain.
Although Traity plans to run Kevin under a freemium model (with transactions under $100 being free), larger purchases will attract a fee in the future. Traity will also provide the Kevin API to P2P marketplaces to get insurance for their products and services, which will lead to new monetisation opportunities for both Suncorp and partner P2P platforms.
For Traity, Kevin is more a protocol than a bot. The chatbot approach (currently embedded in Facebook Messenger) is just a very simple first step while the Kevin protocol becomes more proficient at sampling the reputation of users. And if both are good, it creates a transaction on a blockchain to timestamp that they have mutually agreed for the transaction.
Traity’s CEO, Juan Cartagena said: “We want to create a safer internet where we can trust one another. We think that [Kevinsured] has the potential to power trust in the sharing economy by putting our money where our mouth is.”
Ultimately, Kevin is a hybrid of two of InsurTech’s most sought after technologies; blockchain and AI. With so much hype, Traity, with Kevin, could be the first InsurTech to achieve scale through blockchain. Their success would definitely encourage other players who are currently toiling with early stage blockchain technologies to persevere. However, finding a business mdoel that can sustain a blockchain powered insurer is another challenge entirely.