Quelupa Plans Bringing Blockchain-Based Insurance to Latin America
Luiz Enriquez is the Head of Transformation at XBitV, and the Managing Partner for Latin America at Blackcombconsultants, a consulting group focusing on digital HR, finance and insurance transformation. Recently, he founded Quelupa, which aims to bring services like blockchain-based insurance to Latin America.
First, let`s talk about Quelupa. What is it doing?
Well Quelupa.com is more than just an insurance aggregator; Quelupa.com is an E-commerce portal focused on the needs of the people, the client, the community that needs an insurance product, a financial product or a real time advice or concierge service which reviews the insurance policy of an indivual or group and provides recommendations on how to get a better deal or product offering. These services may be offered in the US and Europe, but in Latin America, where 65% of the population is 18 to 33 years old, the services that Quelupa.com offers can not be found at a regional level. Today, we are operational in Argentina, offering products for car, home and personal insurance. We have AON as one of our regional partners, and now we are in the process to expand to another 9 countries in Latin America over a 42 month period. We are also bringing new p2p insurance models based on the Takaful insurance product and smart contracts using blockchain technology. We are unique in that sense that no other E-commerce portal in Latin America will offer smart contracts and also take Bitcoin as a payment option, plus remittance capabilities on the same platform.
Our message is very simple: “With Football, Mate, Malbec, Tango and Love from Buenos Aires, Argentina, we make insurance experience fun.”
What is Takaful insurance?
We are taking the Takaful insurance product from Islamic financial practices. Takaful is a co-operative system of reimbursement or repayment in case of loss, paid to people and companies concerned about hazards, compensated out of a fund to which they agreed to donate small regular contributions managed on behalf by a Takaful operator. This concept has been practised in various forms since 622 AD. Muslim jurists acknowledge that the basis of shared responsibility laid the foundation of mutual insurance.