Earlier this year we announced the first part of our Series A funding
Today, with OpenCNP, Nasdaq Ventures, Digital Currency Group and Otium Ventures, we’re happy to complete this round by welcoming Cardif & BNP Paribas, and their fund C Entrepreneurs, to our round. The total Series A funding amount is 8M Euros.
Insurance has been a hot field for Stratumn. From underwriting, to claims processing, to reinsurance, there are many processes that connect insurance to the world. To improve the customer journey, enable new business partnerships and streamline regulators to trust these processes, we’re partnering with Cardif to build out new infrastructure to improve the efficiencies and trust between all actors.
A Vision for Insurance
The first insurance market emerged in Lloyd’s Coffee House during the 1600’s in London. During this time, the shipping community would frequently meet at the coffee house to discuss insurance, shipbroking and trade. The dealing that took place there eventually led to the establishment of the insurance market which is now called Lloyd’s of London.
This was the beginning of modern insurance as we know it today: insurance for property. By insuring the ships and cargo, we were able to explore the new world.
Later, the insurance industry quickly advanced during the industrial revolution. With the increase in human labor came the need for new types of insurance. These were the conditions for insurance for people. Through the industrial revolution, people’s needs for workman’s compensation, health benefits and life were covered by insurance.
Today, we live in a hyper connected world. More and more companies are working together on common processes such as global supply chains, transportation networks and trade finance. It is through these shared processes that we exchange goods, services and ideas.
As connectivity between customers, partners and regulators increase, we can see the emergence of the Network Economy. From this perspective we see the potential for a new form of insurance to emerge: insurance for processes.
Blockchain networks and advanced cryptography are key technologies that will serve the need to integrate insurance into business networks, transportation lines and financial services.
At Stratumn, we embrace this vision and are working with our insurance partners, CNP Insurance and Cardif BNP Paribas, to bring new technology to the insurance industry. By helping them to secure the processes in the business world, we can improve the customer experience, better scale business opportunities and meet the necessary regulations to facilitate the emerging Network Economy.
Looking ahead, we can see inter-business process automation, traceability and security as a true value proposition of Proof of Process technology.
Richard Caetano is Stratumn's Senior Technical Advisor.