Multicert wins Fidelidade Insurance Challenge

The Portuguese company Multicert was the great winner of the Fidelidade Insurance Challenge, a contest promoted in partnership with the Portuguese Blockchain Alliance.

Portuguese Blockchain Alliance and Fidelidade promoted a competition to award the best proposal for applying Blockchain's technology to the insurance industry. The big winner was Multicert.

Blockchain's challenge, promoted by Fidelidade, was to seek a solution that would allow it to easily create insurance for a single event or to create a parametric insurance model, taking advantage of the ability to monitor risks online based on parameters and in the recognition in Blockchain of events triggered.

The solution presented by Multicert, which won the Fidelidade Challenge, was based on Blockchain's support of compulsory insurance for sports events, in this case a race, generating more information and allowing new approaches in the context of policy and claims management. The winning team has presented a way to automate and simplify the operation of the network necessary for this type of insurance to operate in a new context, taking advantage of the potential of Blockchain technology. The winning solution is based on the concept of smart contracts, with a predefined set of parameters and validations that enable the elimination of human actors in the analysis and decision phases, as well as the inclusion of additional functionalities and services.

Jorge Alcobia, CEO of Multicert, explained that "it was with great enthusiasm that we joined this pioneering initiative of the Portuguese Blockchain Alliance and of course we were very pleased with the outcome of this challenge and with the recognition of the Jury, in particular by Fidelidade. Multicert has always sought to have an innovative position in the area of digital security, we believe that it is part of our DNA and our purpose to contribute to create an innovative and secure digital society, so the evolution to solutions using Blockchain technology that are associated an obvious component of security and transparency is a natural development for us. "

Rogério Campos Henriques, Vice-Chairman of Fidelidade's Executive Committee, said: "It was with pleasure that Fidelidade selected Multicert, which presented an application that highlights the potential of Blockchain technology in the evolution of traditional business models, degrees of trust and efficiency in cross-party transactions. "

"The winning solution has enormous potential to completely change the paradigm of the insurance industry in Portugal," said Rui Serapicos, President of the Board of the Association of the Portuguese Blockchain Alliance.

Multicert will thus be present at the Blockchain Conference on November 12 at the Tivoli Theater BBVA to present its winning solution. Simultaneously, Atlantis Blockchain Explorer, winners of the challenge promoted by Abreu Advogados, Marionete, who won the EMEL challenge, and Blockbird Ventures, who won the REN challenge and the Open Innovation Challenge, will present their solutions at the Conference of Blockchain, held on November 12, at the Tivoli Theater BBVA in Lisbon.