Digital Insurance Agenda

EverContract: Smart Ricardian Contracts for Blockchain

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Feb 26, 2018

Reportix creates highly flexible non-proprietary data solutions for the InsurTech, RegTech and LegalTech spaces. One product of the German startup is a platform called EverContract for Enterprise Smart Contracts on Distributed Ledger Technology (Blockchain). The platform allows to digitalize complex legal contracts in a standardized format as Ricardian Contract. Reportix’ Distributed Ledger Platform EverContract is used to create, store, distribute and integrate insurance policies in a non-proprietary way. The policies are stored as a Smart Ricardian Contracts to allow human readability and machine interpretation.

EverContract solves 4 main flaws of current Smart Contracts that prevent them to be used for complex legal contracts:

  • Smart Contracts are written in programming code. EverContract uses Ricardian Contracts that make Smart Contracts human readable, especially to non-programmers, whilst still being machine processable.
  • Blockchain implementations use proprietary data models, often integrated into the programming language of Smart Contracts. EverContract is introducing data standardization to blockchain by using a broadly accepted data standard that has been used extensively in the insurance sector and has been developed for more than 15 years. Many tools exist already for integration of this standardized data.
  • EverContract supports representation and interpretation of complex legal clauses by using an extensible processing and data definition model.
  • EverContract makes the execution of a contract mutable by using a declarative execution model that makes the definition of the code immutable, but the execution mutable to allow. adjustments to the execution and even human interaction or interpretation – if necessary. This is especially important to respect the implied covenant of good faith and fair dealing which is the core of most legal systems worldwide.

Advantages:
EverContract enables new dynamic products and a higher efficiency. When a policy is created on EverContract immediate proof is given by the technology for the coverage of casualties. The validity of the policy can be verified using automatic validation rules independent of the issuing insurance. Therefore, highly dynamic insurance use cases can become reality. By using Distributed Ledger Technology data silos are merged into one large Distributed Ledger which helps lower cost in many perspectives, including cost savings in inter-entity data reconciliation, transformation costs caused by media disruptions, information availability risks, or data maintenance costs.

Reportix has won the Silver Award of the Blockchain for Insurance Competition organized by Lakeside Partners in the Crypto-Valley in Zug, where more than 100 companies from 31 countries competed against each other. The startup has built a minimal viable product testing storage and conclusion of Insurance contracts.

Why we selected Reportix for DIA Amsterdam
By adding data standardization and legal compliance Reportix’ solution is aiming to bring “enterprise seriousness” to blockchain technology.
At DIA Amsterdam Reportix will demonstrate how an insurance contract can be concluded as Smart Ricardian Contract on EverContract blockchain platform.

Who is Reportix?
Reportix was founded in September 2017 and has been profitable from day one. The three founders Dennis Knochenwefel (CEO), Dr. Federico Cavalieri (CTO) and Philipp Schaber (CRO) have bootstrapped the company with friends and family money. Supplementary, the company was co-financed by the Federal Ministry for Economic Affairs and Energy of Germany, and the European Union. The main background of expertise of the founders is technical – as Reportix is a technology provider. Additionally, two of the founders have a history in the startup scenes of Silicon Valley and Zurich.

Key Customer of Reportix is Bank of Israel. Key Service Partner is NTT Data Tokyo. In addition, the company has successfully completed a pilot project with Bank of England, all of which helps to mature the product and technology.

The current official development stage of EverContract is MVP. Most reputable research partners and advisors are the Frankfurt School of Finance and Management, Blockchain Center (Prof. Sandner), the Institute of Insurance Economics, St. Gallen (Prof. Braun) and the University of Mannheim, Dependable Systems Engineering (Prof. Armknecht).

” The main mission of Reportix is to provide innovative data management solutions for non-proprietary flexible data management. The digitalization of contracts as Smart Ricardian Contracts with the integration into blockchain technology is one very promising and challenging application. The Reportix’ EverContract platform is by no means limited to insurance policies, but the insurance sector provides one of the most interesting and bright challenges.” Dennis Knochenwefel (CEO)

Reportix winner Blockchain Summit, Zug, November 2017

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