Appsfactory carries out one of the very first blockchain projects in the insurance sector together with Versicherungsforen Leipzig
The new “Thank You” app, created by Appsfactory in partnership with Versicherungsforen Leipzig and Digital Impact Labs Leipzig, has been introduced at ITERGO, the IT service provider for the ERGO Insurance Group. The project’s goal was initially conceived as an internal project to implement blockchain technology and its possibilities in a real application.
The blockchain technology promises a host of benefits for companies, such as transparency, decentralisation and a reduction in unnecessary IT infrastructure, plus low transaction costs. To date, there are hardly any examples of success where blockchain technology has been used productively in the insurance industry. ITERGO, too, raised the question of actual scenarios where blockchains could be used, and decided to try them out in a project. Bernhard F. Kraft, ITERGO Managing Director, commented: “ERGO has been attempting to get to know the technology and better understand its possibilities, to actually try these out and to implement them in a real case scenario as an educational project for staff to learn about it in the company. This goal has been fully accomplished as part of the cooperation.”
During the course of the project, an evaluation of suitable application was initially carried out by “Versicherungsforen Leipzig”, which shortlisted scenarios out of a list of more than 20. The first use case was then selected to be tried out. Afterwards, the iOS application “Thank You” was developed based on the blockchain, with which staff at ITERGO were able to thank and reward each other anonymously using virtual coins. These coins can be exchanged for minor non-monetary bonuses in shops connected to the scheme. The skills and experience gained from the project are intended to be used in order to identify and implement further insurance-specific applications in the insurance environment.
“It didn’t take us very long before we were able to successfully launch our first blockchain project together with Versicherungsforen Leipzig. The project gave us the opportunity to expand our blockchain knowledge as well as gain valuable expertise in the field of digitization in the insurance sector”, said Dr Alexander Trommen, CEO, Appsfactory.
Appsfactory would like to thank everyone involved in the successful partnership, and looks forward to trying out further exciting projects using blockchain technology.