WIP - DIP-15: Travel Insurance

DIPs/DIP-15.md

@@ -0,0 +1,64 @@
+---
+DIP: 15
+Title: Travel insurance
+Status: Draft
+Themes: Travel, Safety
+Tags: DeFi, Insurance, Peer2Peer
+Authors: christoph@etherisc.com
+Resources Required: CustomerSupportBooth at DevConVI
+Discussion: https://forum.devcon.org/t/dip-15-travel-insurance/176
+Created: 2020-11-27
+---
+
+## Summary of Proposal
+
+A lot of people will travel to DevConVI. This will impose a number of risks to these people:
+flight Delays, baggage loss, theft, and others. We will build a decentralized travel insurance for DevConVI participants. 
+
+## Abstract
+We will offer a FlightDelay Insurance for DevconVI attendees. 
+
+After registering, people select their flight(s) and pay a small premium (about USD 10$-25$) in some stablecoin,
+e.g. USDC, DAI etc. 
+Via an oracle, the risk of the flight being late is calculated. 
+After landing, the actual delay is determined by a second oracle call and in case of a delay, the payout is calculated
+and immediately transferred to the customers wallet.
+We are currently talking to [Team WindingTree](https://windingtree.com) to integrate the insurance in windingtree's travel agency solution.
+The oracle is provided by [Chainlink](https://chain.link). The core business process runs on our 
+"[Generic Insurance Framework](https://github.com/etherisc/GIF)" and does
+not necessarily need any off-chain components, which are, however, provided for convenience. 
+
+We will explore if other travel related insurance products can be implemented in a similar way, e.g. baggage loss,
+theft, and others, depending on availability of reliable loss data. 
+
+Claims are paid out from risk pools. Investors can provide liquidity for risk pools. Liquidity providers receive
+those premiums which are not used to pay out claims. To become a liquidity provider, investors need to 
+stake [DIP (Decentralized Insurance Protocol) tokens](https://etherscan.io/token/0xc719d010b63e5bbf2c0551872cd5316ed26acd83).
+
+The economic model together with the staking model will be tested in Q1/2021.   
+
+## Motivation & Rationale
+Attendees get peace of mind when travelling to DevConVI. This will increase their well-being
+and will also attract people who otherwise would abstain from participation.
+DevConVI attendees will most likely be willing to use blockchain based insurance because it fits
+best in their DeFi engagement. Payouts can be immediate and no paperwork is needed.
+While we have offered FlightDelay Insurance at DevConII in Shanghai and got a lot of good feedback, 
+we believe that a full featured travel insurance would be even more attractive for Devcon VI attendees.
+The connection with WindingTree will further improve the user experience because travellers can buy 
+flight tickets, hotel and other services and pay in a single transaction. 
+
+## Implementation
+FlightDelay Insurance has been live at DevConII and DevConIII. It will be implemented using our
+[Generic Insurance Framework](https://github.com/etherisc/GIF) and it will live on the Ethereum mainnet.
+
+## Operational Requirements & Ownership
+Implementation and operation will be provided by Etherisc.
+We are talking with [DIP-3 author WindingTree](https://github.com/efdevcon/DIPs/blob/master/DIPs/DIP-3.md) to integrate in their travel agency.
+
+## Links & Additional Information
+- https://etherisc.com
+- https://github.com/etherisc/GIF
+- https://windingtree.com
+- https://github.com/windingtree
+- https://chain.link
+- [Blog describing the Chainlink Integration of FlightDelay Oracles](https://blog.etherisc.com/etherisc-to-leverage-chainlink-oracles-for-decentralized-flight-insurance-product-9559b64d79c7)