Kevin, Traity’s new chatbot, provides micro-insurance for online P2P transactions. Created in collaboration with Australia’s financial services conglomerate, Suncorp, Kevin protects buyers on online marketplaces such as Gumtree, Facebook and Craigslist. From buying football tickets to renting a bicycle, Kevin insures any P2P transactions against theft, fraud, scams, etc. Anything. Millions of transactions happen between strangers every day. Most of them work out really well, but the small percentage of scams make people fear strangers. Kevin brings trust to people buying, selling and renting from one another, Kevin "insures the use of internet".
To help stop scammers, startup chatbot Kevinsured is here to support online buyers. For any transaction under $100, Kevin validates the integrity of parties to insure the transaction between the buyer and seller. Once a purchase is made and Kevinsured is notified of it, the chatbot reaches out to both the buyer and seller to verify everything is legitimate. $100 may not sound like much, but it covers most of the transactions online. Furthermore, at Kevinsured they think that this is not just about insurance but about prevention. Users who buy and sell through Kevin will be subject to a reputation check, and scammers will simply try to avoid it, so they are likely to see a low level of scams, because scammers prefer to be anonymous.
How it works:
Peer A and Peer B agree to a transaction on the internet.
Peer A (buyer) visits Kevinsured.com and describes what his P2P transaction is about. Kevin responds with a unique link. Peer A sends the link to Peer B. Peer B clicks on the link and Kevin checks Peer B’s reputation. If Peer B gets approved, Kevin sends a receipt for the insurance of the transaction: up to $100 against fraud, theft, and scams. For free. $100 may not sound like much, but it covers most of the transactions online.
The Kevin protocol uses the blockchain for three steps in the total process:
- timestamp of the agreement
- real time balance sheet of the bitcoins in the digital safe to cover claims
- ledger of the reputation review
After the transaction is completed, Kevin asks both peers for a rating. If things went well, both gain 5 star reputation. If there was some scam, users can make a claim to Kevin. So they create a reputation and insurance system for all those marketplaces without star ratings, like craigslist, gumtree, etc.
For every transaction Kevinsured purchases $ 10 worth of Bitcoin, which is sold again after the transaction is completed and no claim has been made.
Why we selected kevinsured for DIA Amsterdam
Kevin is a startup chatbot company that provides micro-insurance for P2P transactions with strangers.
It could change the way we transact with one another. At the moment Insurance is a business where customers only communicate with their provider twice. When they buy, which forces them to pay with no immediate benefit, and the moment they claim, which is an unhappy moment regardless. Kevin is more of a companion. it opens a completely different story about how to engage with an "insurance service", a companion who helps along the way. This is a small concept today, but it can lead to big things in the future.
Who are Kevinsured
Founded in 2017 by Juan Cartagena and Omid Ekhlasi. They first started Traity, the online reputation company because they thought that trust online was a problem. In 2011 Juan bought a second hand laptop on Gumtree. He made a transfer, but never received the laptop. The guy simply disappeared with his money. Juan was scammed. And he didn't want that to happen to other people. Kevin is an iteration on Traity, which includes the real monetary value of insurance beyond the reputation technology.
Traity, an alumnus of Europe’s Seedcamp and Silicon Valley’s 500 Startups, measures people’s trustworthiness using their online behaviors and actions. This includes analyzing people’s public social profiles, such as Twitter, taking personality tests within Traity and studying reviews on sites like eBay. With the data, Traity creates a profile that shows one’s reputation and credibility.
“A bit of a step change for insurtech. Insuring people, not assets.” Juan Cartagena, CEO of Traity