Swissdacs, an international corporate finance firm has recently announced a partnership with VouchForMe which allows users financial guarantees via a vouch from a friend or a close relative. Furthermore, this partnership seeks to introduce and promote the adoption of VouchForMe in European markets. A strong focus of this endeavor is for deploying the platform in Austria, Germany, Italy, and Switzerland.
What is VouchForMe?
VouchForMe is a peer-to-peer risk sharing platform operated by SocialProof AG. This tool utilizes blockchain technology to allow its users to take advantage of their social connections with friends and family to reduce the cost of insurance services. With this approach, users of VouchForMe can now easily obtain financial guarantees from their friends. While insurance clients normally aren’t comfortable with a high deductibles, VouchForMe enables them to share a part of it with their social circle. By vouching, guarantors make a financial commitment to cover for a part of deductible in case of an at fault claim.
The VouchForMe brings certain benefits to the stakeholders involved including:
- Premium discounts are readily available for insurance clients
- Lower loss ratio is achieved since the platform allows insurance companies to improve risk assessment
- The concept utilized under this application will curb fraud and produce a more responsible society
Due to its offering of various insurance products, Swissdacs has been quite active in the field of financial engineering. The company’s specialty cuts across areas like insurance, finance, and regulation. Likewise, Swissdacs also acts in advisory capacity helping corporations and banks to navigate challenges and achieve their goals. Similarly, the company also specializes in risk assessment and risk management. It manages data on behalf of its clients by collecting, organizing, analyzing and processing information that is advantageous to risk managers which in turn promotes the success of their clients’ business projects. The collaboration with VouchForMe is a testament to Swissdacs’ commitment towards improving its risk analysis and management services for its clients.
Growing Interest in European Blockchain
By targeting countries like Austria and Italy, it is apparent that VouchForMe is heavily investing in the European markets. Understandably, this move is appropriate considering the fact that Europe is already priming itself for blockchain development. Several nations within the EU have already signed a declaration pushing for the advancement of distributed ledger technologies (DLT). For instance, the Austrian National Tourist Office (ANTO) is now using blockchain to solve the problem of advertising fraud, while the Italian Post Office is working with Hyperledger to build useful blockchain applications for the country’s postal service industry.
Likewise, the implementation of regulations that will govern the evolution of this emerging technology is gradually taking center stage. Germany has been in consultations with industry experts and working on creating its own blockchain strategy. However, Austria has signaled that it won’t be using regulation to constrict the development of blockchain technology.
According to the Austrian Minister for Digital and Economic Affairs, Margarete Schramboeck
“We do not need regulation for blockchain […] Europe has a strong tendency to overregulate. […] And then we are surprised that there are no European companies in the top 10 worldwide.”