Part 6: Micro-insurance is Insurance Evolved

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The insurance industry is in many ways a dinosaur or living fossil. Very little has changed in decades. Insurance policies are still purchased the same way, and claims still require an archaic process that is expensive for everyone.

To buy insurance, you typically need to meet an insurance agent who will produce a physical contract. When you claim insurance, you need to contact your agent or insurance company and submit physical documents as evidence of your claim, which the insurer will then verify. Processing times are lengthy, and disputes are common. And, most importantly, costs remain high.

The insurance industry is in many ways a dinosaur or living fossil.

Advancement in technology simplifies insurance

The simple reality, however, is that advances in AI, smart contracts, and blockchain can eliminate, automate, and rationalize almost every process in the traditional insurance chain.

Whereas traditional insurance companies have moved slowly to embrace these advances, micro-insurance integrates technology wherever possible as a means of improving service delivery and lowering costs.

It’s faster and more efficient to buy and claim insurance.


Because micro-insurance breaks down traditional insurance coverage into flexible, clear, and personalized products.

You can purchase insurance for a single flight or even for delays of a single flight. You can insure single devices, farm animals, or against a specific weather condition. The very nature of the products means that claim values are smaller, and processing is automated.

Uses of Blockchain and Smart Contracts

More fundamentally, adopting AI, blockchain and smart contracts radically simplifies the entire process. An AI-enabled chatbot can help you choose the right products for your needs, which can then be purchased at the touch of a screen. The need for a conventional agent is eliminated.

Micro-insurance breaks down traditional insurance coverage into flexible, clear, and personalized products.

In the event of claims, AI can verify information relating to your claim and smart contracts can process it immediately without requiring a single document or claim form. For example, if your flight is delayed, AI can verify this using external sources and execute the claim function in your insurance product’s smart contract.

In fact, with the integration of e-wallets and cryptocurrency, your claim can be paid out before you even leave the plane.

That is the advantage of micro-insurance. It’s the future Hearti is looking to power with its adoption and rapid development of the fundamental technologies that will allow effective, personalized, and affordable coverage for everyone.

SURETY.AI is a blockchain based artificial intelligence (A.I) platform for insurance companies developed by Hearti Lab Pte Ltd (Hearti).

SURETY.AI allows insurance companies to connect effectively with their customers by offering micro-insurances, on-demand and at affordable prices, to Asia’s fast growing economies through Decentralised Enterprise Insurance Network.

As insurances are closely tied to healthcare, where healthcare services such as medical check records are often used for underwriting and preventive measures, Hearti is also working with Healthcare partners to integrate their services and data into SURETY.AI.

Find out more about SURETY.AI through this short and informative video! ????

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Part 6: Micro-insurance is Insurance Evolved was originally published in Hearti on Medium, where people are continuing the conversation by highlighting and responding to this story.

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