We’re excited to announce that Ensuro — a decentralized capital provider for insurance risks — is integrating Chainlink Data Feeds to build parametric insurance products backed by real-world data. The initial integration involves an innovative flight insurance solution where high-quality aviation data provided by FlightAware will be queried through the Ensuro interface using Chainlink oracles. Through the Ensuro platform, underwriters will then write and post parametric insurance contracts that use Chainlink oracles to trigger automatic settlements.
We selected Chainlink as our go-to oracle provider because it’s the most flexible and time-tested oracle network in the smart contract economy, already helping secure $75B+ dollars in on-chain value for leading blockchain projects. Chainlink enables Ensuro to access premium aviation data for our flight insurance solution and provides a framework for easy integration of additional data feeds, helping the platform to scale to cover more segments of the InsurTech space.
Ensuro received in-principle approval from the Bermuda Monetary Authority for an Insurance general business (IGB) license and a Digital Asset Business License Class T that will allow the company to act as a reinsurance company, helping further bridge the DeFi and InsurTech industries. Ensuro plans to collect capital from both retail and institutional liquidity providers through a liquidity pool governed by smart contracts. These funds, collected in the form of stablecoins, provide underwriting capacity for InsurTech companies operating in the parametric insurance space.
The capital collected in the liquidity pool will be reinvested into decentralized finance protocols such as Aave, with plans to give additional returns to liquidity providers. These protocols offer relatively low risk due to overcollateralized loans, high liquidi...