Otbert de Jong is the CEO at Insurance Market Group, a licensed online insurance broker in Singapore, and CEO and Co-founder of Inmediate, an InsurTech using Blockchain and Distributed Ledger Technology (DLT) which has raised USD 5 million in an ICO (Initial Coin Offering) just prior to the ICO bubble bursting.
Otbert has a background in risk consulting in the banking industry and after having some bad experience with insurance he decided to enter the insurance industry and fix some of the issues. First with Insurance Market Group and now with Inmediate, which is essentially an extension of the online brokerage. The goal of Inmediate is to create structure and clarity for insurance buying customers, leveraging DLT. The company is looking at three components, Data, Participants and Processes and tries to automate standardized elements, incorporating smart contracts.
As a proof of concept, Immediate has developed a dengue policy. It’s a new policy type that is designed to run on DLT. The Company is using information on Dengue clusters that is provided by the National Environment Agency of Singapore and enriching this data with weather data on rain and water levels as well as humidity to determine alert levels and validate claims.
Otbert also shares his experience dealing with insurers. In his experience, even if C-level is interested and sees potential in the concept, talks often fail when it goes to discuss compliance and implementation within the organization.