The Asia InsurTech Podcast spoke with Marco Mirabella, the founder and CEO of Ensuro to discuss trends in the insurance industry, parametric insurance, and how blockchain can revolutionize this sector. Ensuro, a blockchain-based reinsurance company, uses cryptocurrency as solvency capital for its parametric insurance products. The company’s blockchain component significantly reduces the cost and time needed for recording transactions, increasing efficiency and transparency.
Marco talks about his journey into the insurance field and how his experiences in venture capital and education in Italy and Shanghai influenced his career. Ensuro is a Bermuda regulated entity, and Mirabella discusses the regulatory challenges and the legal framework associated with such a setup.
They leverage technology like zero knowledge proofs for KYC and KYP processes, allowing participants to remain anonymous while ensuring secure information storage. Marco also discusses the investment opportunities in the company, with an accreditation necessity for investors.
The company has partnered with a French broker for their first product, a travel insurance offering. Marco explains how the company’s infrastructure is designed to deploy capital as needed, with growth potential factored into the policies. Lastly, he clarifies how Ensuro makes money – by taking a cut from the premiums collected when a policy is sold.
He also discusses the barriers to scale in the insurtech space and stresses the importance of proving to people that blockchain and cryptocurrency can be used for legitimate and beneficial purposes.