AI-Powered DAO Pet Insurance
The Challenge
Northwestern Mutual aimed to create the world's first decentralized autonomous organization (DAO) based pet insurance platform. This ambitious project required integrating blockchain technology, developing smart contracts, and establishing a token economy to ensure transparency, security, and equitable benefits.
Our Approach
Remotebase assembled a dedicated team of experts in blockchain technology, smart contract development, and data security. Our developers meticulously planned and executed each phase of the project, ensuring successful delivery:
Market Research and Feasibility Study
We conducted thorough market research to understand the demand for pet insurance and potential interest from crypto users and pet owners. This included analyzing competitors, identifying pain points and assessing the idea's feasibility.
Blockchain and Smart Contract Integration
We chose Ethereum as the suitable blockchain platform and developed smart contracts to automate insurance processes and ensure transparency and trust. These smart contracts managed policy issuance, token allocation, minting tokens and token distribution.
Token Creation
and Economy
We created a unique ERC-20 token, PET token, to serve as the platform's utility and governance token. We defined its distribution, supply and use cases within the ecosystem.
Platform Development
We developed a user-friendly and secure decentralized web application platform enabling
users to interact with insurance services and manage their policies efficiently. The frontend
was built using Next.js, ensuring a seamless and responsive user experience, while the
backend was powered by FAST API, providing robust and scalable API services.
Ensuring Security with
HIPAA Compliance
We ensured that the platform adhered to
HIPAA compliance standards. This involved
implementing robust data encryption, secure
authentication methods and strict access
controls to protect customer data.
AI Integration for Enhanced Functionality
We utilized AI technology across several critical areas to enhance the functionality and efficiency of the platform:
AI-Powered Risk Assessment and Underwriting
We utilized AI algorithms to analyze vast amounts of data and predict risk levels for pet insurance policies to boost the overall efficiency and reliability of the platform.
AI-Based Smart Contract and Claims Processing
Combining AI with smart contracts, we automated claims processing for quick and accurate claims handling and improved user satisfaction.
AI-Enhanced
Customer Service
We deployed AI-powered chatbots to
provide 24/7 customer support to
handle a wide range of customer
inquiries for enhanced user experience.
Insurance
Partnerships
We collaborated with an established pet insurance company to underwrite policies and provide coverage.
Decentralized Governance Mechanism
We implemented a decentralized governance model using the platform's native token. It allowed token holders to participate in decision-making processes, such as policy updates, insurance terms and platform improvements.
Beta Testing and Launch
We conducted extensive beta testing to identify and fix any bugs or issues before the official launch.
Outcomes
We launched the world's first DAO-based pet insurance platform, integrating blockchain and AI with traditional insurance. Our use of AI enhanced efficiency, reduced costs, and sped up claim settlements, while blockchain ensured transparency and trust with smart contracts.
The platform's success led to the creation of Variable Space, Northwestern Mutual’s new department for exploring emerging technologies, solidifying its leadership in insurance innovation.
