Swiss Startup in Talks with Allianz over Luxury Goods Blockchain Platform

Marco Abele, once the digital chief at Credit Suisse, told Bloomberg News he was negotiating with German insurance giant Allianz over a future collaboration on his new investment platform. Called TEND and built on blockchain technology, it will seek to insure traded assets, which are mostly luxury goods.

Abele said that blockchain permits transparent and prompt processing of insurance payments.

“We want all the assets traded to be insured and we want to work with Allianz on this. Our goal would be a ’pay-as-you-use’ solution - the insurer sees how often the luxury car leaves the garage, for example, and can use that information to set the premiums.”

Allianz Global Corporate & Specialty (AGCS) confirmed the talks with TEND.

“At AGCS we are exploring the potential impact of blockchain to combine traditional corporate insurance solutions with innovative technology-backed services. Engaging with startups such as TEND allows us to develop new models of business and respond more quickly to our customer’s current and future needs.”
– Alan Cabello, innovation and blockchain manager at AGCS

In November last year, AGCS successfully tested blockchain for a captive insurance program involving cross-border fund transfers.

When listing and holding assets, the company will deal with their assessment, administration, and maintenance by working with local partners like car dealerships.

TEND is slated for launch in Switzerland, where its first customers are already experimenting with the platform. By end-2018, everyone in Switzerland will have access to it. Clients will have to pay an annual fee of 500 Swiss francs ($530).