Insurance Innovation of the month: Protectiq.com

Innovation of the month

08 November 2017

Efma’s insurance innovation of the month award for November goes to Sberbank Insurance for Protectiq.com, an accessible P2P critical illness insurance platform that helps cancer sufferers in developing countries get the treatment they need.


“Every year around 14 million people are diagnosed with cancer,” explains Sergey Shayakhmetov, innovation advisor to CEO at Sberbank Insurance. “More than two thirds of these are in the developing world, where many still do not have access to adequate treatment. Traditional insurance is unjustifiably expensive, overly bureaucratic and has a high percentage of rejections for genuine claims. We created Protectiq to address these issues.”

Protectiq is a P2P open fund that unites participants and bypasses intermediaries, taking only a small fixed fee to cover operating costs. It is based on blockchain technology to ensure all transactions are carried out transparently and protected from fraud.

The platform combines mutual assistance with innovative technologies to create a uniquely accessible insurance product. Annual contributions start from US$20, some 30 times lower than the cost of traditional insurance with the same level of protection. Insurance cover is up to US$35,000: a sum sufficient for the treatment of most cancers.

After prompt confirmation of the diagnosis is given by an independent consortium of doctors (and, in future, artificial intelligence), the patient is prescribed an appropriate treatment plan. Protectiq covers the entire process: travel to and from the clinic abroad, treatment and rehabilitation.

Protectiq is funded by Sberbank Innovation Lab and investors from the Humaniq.com project, which provides a secure mobile app delivering financial inclusion to unbanked and underbanked people around the world. A pilot project in Ghana has been launched in cooperation with Humaniq.com.

“The transparency and accessibility of Protectiq opens unrivalled opportunities for private, corporate, and charitable organisations to offer critical illness insurance to one and all,” says Shayakhmetov. “Protectiq is of tremendous social importance, with potential to change the quality of life for millions of people. It is the first step towards the creation of P2P insurance and health ecosystems for developing countries.”


Protectiq.com will be automatically selected as a nominee for the Efma-Accenture Innovation in Insurance Awards 2018. Submit your innovations on the Efma Innovation in Insurance portal. Participation is free of charge and open to all insurance institutions. Deadline for the December Innovation of the month is 4 December.

Keywords : Sustainable development , Digital/Mobile channels , Health insurance , Blockchain

Geography : Russian Federation