ReGa, a Russian Risk-Sharing startup, has developed a Blockchain-based insurance service for pets. The new service, called Lexi Club, allows signing a mutual pet health insurance using the Ethereum smart contracts platform.
Lexi Club allows owners of cats and dogs to join the club of mutual help and sign a smart contract developed on the Microsoft Azure Ethereum Consortium Blockchain platform.
In exchange for a monthly fee of about $6 (333 RUB) for dogs and $5 (289 RUB) for cats, users will be able to get up to an 80% refund of the cost of veterinary services in case of illness or accident with a pet. To sign up to the service, a pet’s owner must upload a photo of a pet that will be verified by a neural network analysis system designed using the Microsoft Cognitive Service and Azure Machine Learning. This system can identify the animal in the photo and analyzes possible insurance risks.
If veterinary care is necessary, a Lexi Club bot will analyze the photo of the bill for veterinary services from the user, compare it with the data from the clinic and will refund part of the money.
The company also claims that their service will be able to help with finding a pet in case of loss, using a neural network analysis of pictures on social networks.