This is an update of the Beyond Insure status 2021. As for many other businesses, especially early start-ups, last year was tough with very little activity and progress. However, we are still going and hope for things to pick up as Covid-19 gets under control.
In 2020, Beyond Insure launched its Security Token Offering, backed by Liqwith.io. We saw strong interest from IXT token holders who were able to swap their IXT to BIT, the Beyond Insure Token that is backed by company shares. Unfortunately, we weren’t successful in raising additional funds. We have been looking for alternative fundraising options to establish a long term future.
Our development efforts have been focused on the Open Insurance initiative – OPIN. We got involved in the community and actively started collaborating on data standards and contributing to their white papers. Beyond Insure received an official endorsement from Fouad Husseini, the founder and CEO of OPIN for its contribution which will be hugely valuable as we continue to develop our open insurance implementation.
Open Insurance has the potential to become an important part of the insurance landscape in the near future, as insurance companies are looking to provide new types of insurance, make use of data more effectively and integrate with insurtech partners. Beyond Insure aims to become a trusted implementation provider of the Open Insurance standards, similar to what Plaid and TrueLayer did for Open Banking.
The Open Insurance initiative is still in its infancy, with the first specification overview published just a few weeks ago. It has not yet released the actual specification of the data and processes, but as we are involved with the work, we are aware of what to expect. The initial version will describe some of the main entities and a car insurance product. Once we have the specification, a full implementation will be added in our mock insurer instance, which is part of our platform.
Roadmap and Plans
We are actively working on the project and the near and medium term plans are as follows:
Milestone 1 (May 2021). Finish a first version of the reference implementation of Open Insurance. Depending on the progress of the initiative, the timeline is subject to change. We aim to track closely to the specification releases.
Milestone 2 (Aug 2021). A decentralized consumer insurance or protection based product. Similar to IXT Protect, we would like to provide an insurance product that directly benefits IXT holders and is less dependent on large corporations and industry initiatives. We are in talks with Mikael and PayRue to see if there is an opportunity to do this together, leveraging some of their crypto functionality.
Milestone 3. (Oct 2021). Our first native Open Insurance service. We plan to provide our own service on the platform, which will be an open standard based product to verify a company’s insurance details. This will allow a company to register their insurance cover on the blockchain and others to verify it. Proving that you have the appropriate insurance can give you many benefits as a company, and is in some instances mandatory. A blockchain based solution is ideal for this kind of trustless verification.
We are still looking for a modest investment which can be either through shares or token related. If this is not successful we are still committed to carry on, with a mixture of freelancers and advisors.
The insurance industry is looking for innovation and new ways of doing things, but it’s also balanced with the challenges of regulation, slow progress and legacy technology which is hard to shift.
We remain optimistic and hopeful for the future.