YAS MicroInsurance (YAS) and Amodo have partnered to deliver insurance on-chain, according to a company statement.
YAS is an Asia-Pacific Insurtech that is combining blockchain technology and insurance. Amodo is a telematics company providing on-demand insurance that is hyper-localized and usage-based insurance. The two firms describe the collaboration as symbolizing the “new age of insurance against the backdrop of smart cities.”
YAS’s on-demand mobile application provides insurance for lifestyles as well as the “world’s first NFT insurance” to address the emergence of Web3 activities. The telematics technology provided by Amodo aims to help better address users’ risks. This partnership leverages blockchain to automate and streamline the underwriting process with greater transparency and ownership of data back to users.
Marijan Mumdziev, Amodo’s CEO, said:
“It really is fascinating to enter the new partnership with such an innovative high-tech company like YAS. Offering on-demand microinsurance for different kinds of activities and situations is truly changing the way people buy and claim insurance. Using Amodo’s technology and know-how, YAS will enrich and further optimize its current offer. I am delighted about this and can’t wait to show to the world what these two companies have on their roadmap.”
YAS Co-founder William Lee said they see huge synergies in the partnership with Amodo.
“Their presence in Europe and our footprint in Asia will unlock a truly global platform for us. By integrating Amodo’s telematics engine to YAS’ eco-friendly insurance blockchain, we will leap ahead, ever closer to our vision of how future insurance works – autonomous insurance on-chain to the world as we transition from the old and web2 world into a more interconnected world with web3. YAS will take this partnership forward to produce machine-to-machine and human-to-machine protection, preparing global users for the interconnected future of smarter and greener cities.”