Picnic plans to unwind 400 years of corporatised insurance in a deeply regulated market. Here’s our roadmap to creating our fully-licensed decentralised insurance model.
A terrible claims experience in 2015, a lack of innovation in insurance and the opportunity to decentralise brought on by blockchain sparks an idea to reinvent full-stack insurance.
Hypothesis confirmed and pain points documented with 1,000+ detailed surveys, 1-on-1 interviews and test marketing 20,000 Facebook users.
Legal and regulatory options paper commissioned, allowing development of a detailed licensing framework which meets customer and regulator expectations of a responsible insurer and lays the foundation for decentralised insurance.
Simple, fair and transparent insurance policies are designed and developed, including underwriting methodologies and structures for home, motor and contents insurance products.
Developed and tested non-functioning prototypes with potential investors and customers, resulting in a clear UI/UX path.
Licence application process commenced for Australian GI insurance licence with informal discussions commenced for UK and the European Union.
Registration allows initial supporters to complete KYC, AML & institutional investor checks to register for the institutional offer.
Commence mobilisation of our operations infrastructure and team recruitment and training for delivering an exceptional customer experience.
Complete build of Picnic’s insurance policy administration and management systems,as the template for multiple international markets.
Insurance mutual licence enables consumers around Australia to benefit from collective insurance with heart.
Picnic rolling launches will be based on the support received in our investor offer. Timed successive launches minimise pressure on operating markets and protects continuity of superb customer experience.