AXA drops Ethereum-based flight insurance platform

French insurance firm AXA has discontinued its delayed flight insurance product, which was built and deployed on the Ethereum network. Named ‘Fizzy’, AXA’s blockchain-based product promised “smart insurance” with “automatic compensation”, designed to reduce claim times and hassle for passengers waiting for delayed flights.

The AXA group announced Fizzy on September 13, 2017 as part of a parametric insurance scheme for flight delays. However, AXA has said that it will continue to test parametric insurance products and has gained valuable experience in building, funding, and deploying smart contracts on the Ethereum network.

Timeline of Ethereum